China Economy Charges On as Leaders Target the Risk 'Rhino'

China Economy Charges On as Leaders Target the Risk 'Rhino'

China Economy Charges On as Leaders Target the Risk 'Rhino'

The economy expanded by 6.9 percent, the same as the first three months of the year, according to the statistics bureau, and better than the 6.8 percent growth forecast by analysts polled by AFP.

The growth rate is well above the government's target for the year of 6.5 per cent, reflecting a firming trend in the nation's economy, Xinhua news agency reported.

China's economy grew faster than expected in the second quarter as industrial output and consumption picked up and investment remained strong, the National Bureau of Statistics said on Monday.

The increase in the area of property sold also slowed to 14.1 percent in the second quarter year-on-year, from a 19.5 percent gain in the first quarter, Reuters calculation showed.

Investment grew 8.6 percent year-on-year in the first six months, down 0.6 percentage point from the first quarter.

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China's steel output rose 5.7 percent in June to a record 73.23 million tonnes, data showed on Monday, as mills in the world's top producer ramp up production due to fat profits from rallying prices. 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.

The annual growth was forecast to slow to 6.8%.

President Xi Jinping has called for even tougher regulations to reduce the country's vulnerability though the GDP figures suggested there was no cause for immediate alarm - given stronger export growth and a jump in new orders.

The growth only proves the strength of China's economy despite policy makers' efforts to limit extreme and risky borrowing which causes a sluggish advancement in money supply.

As the central government becomes extremely serious in curbing SOEs' financial leverage and expresses zero tolerance of local governments' inability to curb debt growth, more corporate defaults are expected as local officials will likely shy away from some refinancing activities. However, for China to upgrade its monetary and financial systems, there are some gaps the NFWC has left out.

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