China releases second quarter GDP data and other key indicators

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Support from fiscal spending is compensating for more moderate growth of credit: Aggregate debt funding intermediated by China's financial system to nonfinancial borrowers grew 12.4 percent on the year in the second quarter, and the broad M2 money supply grew an even slower 9.4 percent on the year in June, the latter its slowest since comparable statistics begin in March 1997.

The quarterly pace came up from 6.7 percent for the first three quarters of 2016 and 6.8 percent for the final quarter of a year ago.

The government is targeting for a growth of around 6.5% in 2017, slightly lower than last year's actual 6.7%, which was the weakest pace in 26 years.

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China's economy had been expected by economists to grow at a 6.8% year-on-year pace in the second quarter.

In June, industrial-production growth increased to 7.6 percent, after staying at 6.5 percent in April and May.

"But global instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains". Analysts had predicted a slight cool-down in the second quarter, to growth of 6.8 percent. "Growth momentum has stayed pretty high and the authorities have really tamped down the pressures on the capital outflow", said Stephen Schwartz, head of Asia-Pacific sovereign ratings at Fitch.

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The agency also published the figures of real estate investment from January to June, which showed a decelerating trend as it is 0.6 points less than the figure recorded during the first quarter of the year, although it expanded by 8.5 per cent year-on-year. It attributed the growth to online sales, which surged 33.4 percent year-on-year in the first six months of 2017.

On Friday, customs data showed that China's foreign trade accelerated in June, adding to generally strong trade data in the first half of the year.

Primary industry posted the fastest FAI growth, up 16.5 percent year-on-year, followed by the service industry with an increase of 11.3 percent and 4 percent in the secondary industry. It also said that leverage of enterprises "was brought down". 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.

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