China's economy slows in second quarter: AFP survey

China's economy slows in second quarter: AFP survey

China's coal production rose 10.6 percent to 308 million tonnes in June from a year ago, data showed on Monday, as miners ramped up output to meet a pick-up in demand during the hot summer months, data from the National Statistics Bureau showed.

Industrial output, which rose 7.6% from the same period a year ago, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan.

In terms of quarterly rates of change, GDP picked up from 1.3% to 1.7%.

Despite growing concerns about China's financial risks, Premier Li Keqiang said last month that the country could reach this year's economic growth targets.

On a quarterly basis, China's growth improved to 1.7% in Q2 compared to previous year.

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While growth in the high-flying property sector has cooled this year, a rebound in exports after several years of decline has helped prevent any broader slowdown in China's economy.

Investment, the biggest single component of economic growth in recent years, rose by 8.6% in the first half of the year, but that was down from 0.6% from the first quarter's expansion. "Very little supply-side reform and restructuring have been done in the first half".

Deducting inflation, the growth was 7.3 percent, exceeding the country's GDP growth of 6.9 percent for January-June, according to data from the National Bureau of Statistics (NBS).

So far, this monetary tightening has not affected actual progress with private investment picking up led by New Economy parts of China which is showing great development in the tech side translating into strong growth.

Chinese economic growth topped expectations yet again in the June quarter with GDP expanding 6.9% from a year earlier.

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