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China’s economy expands 6.7% in Q2, downside risks remain

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/07/2016 (11:55)
According to media reports, the Chinese economy expanded 6.7% in the second quarter from a year earlier, unchanged from the first quarter. The recent growth rate beat economists’ expectations which called for a growth rate of 6.6% for the quarter while it still represents the slowest pace since 2008.

The Finance Ministry reported that government spending rose 19.9% on the year in June compared with a 17.6% increase in May. Plus, data released by the National Bureau of Statistics showed that China’s industrial production rose 6.2% in June on the year following an increase of 6% in May while retail sales climbed 10.6% on the year in June after increasing 10% in May. In the first six months, the country’s fixed-asset investment moved up 9% from a year earlier, posting the weakest growth seen since 2000.

Analysts attributed the steady trend in the April-June period to the government’s stimulus measures while they also highlighted that downside risks remain for the Chinese economy. Weakening private investments and stagnant trading activities amid global uncertainties arising from the UK’s vote to leave the European Union continue to weigh down the Chinese economy. In June, China’s exports and imports fell 4.8% and 8.4%, respectively from a year earlier.
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