China Maintains Steady Growth In Q2

Crude Surge

China's imports of U.S. crude oil jumped

China's economy grew 6.9 per cent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.

It is also on track to post its first annual acceleration in growth since 2010, with gross domestic product having expanded 6.7% in 2016.

Nonetheless, according to the research house's own China Activity Proxy, which was created to give more reliable readings, Chinese GDP was in fact little changed in the second quarter, slowing from a 6.5% pace to 6.3%.

China reported second quarter growth data Monday that topped expectations.

However, analysts expect a deceleration of the overall economy.

On the latter, the NBS said that overcapacity was "addressed in a well-ordered way" noting that capacity utilisation rates across the nation's industrial sector rose from a year earlier while real estate inventory "continued to be reduced".

Economist Zhou Hao thinks so too saying that even though the country was better than expected in the first half of the year, a slowdown was likely to happen.

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Meanwhile, China's aluminum production rose 7.4 percent year-on-year in June to its highest level on records back to 2014.

The composition of Chinese exports also changed in ways that could intensify trade friction and affect China's trade surplus.

Julian Evans-Pritchard of Capital Economics said that the recent crackdown on financial risks has decelerated credit development which may cause trouble on the economy during the second half of this year.

It is unclear whether the new method has been used for Monday's second quarter GDP read.

"The national economy performed within an appropriate range with more visible good momentum", the National Bureau of Statistics said.

The government has trimmed its growth target for this year to about 6.5 percent, after it expanded 6.7 percent last year - its slowest rate in more than a quarter of a century.

June retail sales and factory output both surpassed expectations, growing 11 percent and 7.6 percent, respectively.

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