The Chinese economy is growing faster than all expectations


The high-tech and equipment manufacturing sectors are leading the country's industrial growth, with year-on-year output increases of 13.1 percent and 11.5 percent in the first half, respectively, compared with a 6.9 percent rise in overall output.

Onshore yuan rose for a sixth day on Monday after China's central bank raised the currency's daily reference rate amid a declining U.S. dollar and after the release of China's GDP data.

With two quarters of GDP expansion at 6.9 percent against a lower full-year target, the Chinese government will now have greater tolerance of slower growth in the second half of the year, said Aidan Yao, emerging Asia economist at AXA Investment Managers.

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We can credit unexpected strength in the real estate market which has kept growth humming now for the past year (see separate story) and solid industrial production for the quarter, especially in the month of June.

So China's leaders have been eager to keep the economy growing briskly at least until then.

China's ruling Communist Party has focused on keeping the economy stable ahead of a reshuffle of its top leadership in the fall, when President Xi Jinping will start his second term.

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Interpreting the conference, China Merchant Securities said in report that "the high-valuation bubble is bursting" as the pace of initial public offerings will accelerate. Housing prices have surged in the past 15 months, ever since the government decided during a period of economic weakness in early 2016 to make it much easier for families to borrow for home buying. Industrial output, which rose 7.6% from the same period previous year, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.

Confidence in the robustness of the recovery was not universal, however. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

On a quarterly basis, GDP was up 1.7 percent - in line with expectations and up from 1.3 percent in the three months prior.

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President Donald J. Trump promised during his campaign to create more United States jobs through a more confrontational approach on trade toward China.