China's economic growth holds steady despite slowdown fears

Fitch Ratings on Friday said China's growing debt could trigger'economic and financial shocks

Fitch Ratings on Friday said China's growing debt could trigger'economic and financial shocks

Economists polled by Reuters on average had expected 6.8 percent growth in the April to June period against the same time past year, compared to the first quarter's 6.9 percent.

In the first six months, up to 45.6 percent of the total industrial investment went into technological improvement, paving way for future industrial upgrades, according to Xing. Retail sales rose 11% in June from a year earlier, the fastest pace since December 2015.

On a quarterly basis, GDP added 1.7 percent from 1.3 percent in the first quarter matching estimates.

He named a few new economic sectors which he described as "very attractive", including high-tech, non-banking finance, life science and consumption.

And it looks like the resulting cooling property sector is starting to flow through to economic growth, with fixed asset investment growth in May slowing more than expected.

On Monday, NBS also reported faster growth of retail sales of consumer goods and industrial production.

It's "Made in America" Week (except if you're a Trump)
In keeping with its America First platform, the White House has declared this week "Made in America" week. These factories employ low-wage workers in countries such as Indonesia, China, and Bangladesh.

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

China's nationwide survey-based jobless rate was below 5 percent in June, with 7.35 million new urban jobs created in the first half of the year.

In China's case it's the relentless buildup of risks caused by the debt-fueled investment that's contributing to growth, a development tackled by a major meeting of top leaders in Beijing at the weekend.

That follows Moody's decision in May to downgrade China for the first time in nearly three decades on concerns over its ballooning credit and slowing growth.

Though year-on-year growth was flat with the first quarter, the reading was comfortably above the government's annual target of 6.5%, leading commentators to predict China could see its first annual acceleration since 2010.

The Chinese economy expanded 6.9 percent last quarter, the same as the previous three months and better than the 6.8 percent tipped in an Agence France-Presse survey. That comes as Blackrock CEO Larry Fink said it will be hard for the United States to meet President Trump's stated growth target of 3% this year and the bond market seems to agree - U.S. 10-year bonds have fallen back to just above 2.3% this morning.

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