Traders expecting resilient Chinese GDP

Traders expecting resilient Chinese GDP

Traders expecting resilient Chinese GDP

The National Statistics Bureau also showed coke output fell 1.4 percent in June from a year ago to 38.16 million tonnes.

According to China's official statistics, the economy should have grown 6.7 percent y/y if calculated from the GDP index (which is seasonally adjusted), 0.2 percentage points lower than the headline growth numbers.

China's economy expanded faster-than-expected in the second quarter, setting the country on course to comfortably meet its 2017 growth target and giving policymakers room to tackle big economic challenges ahead of key leadership changes later this year.

China's second quarter GDP figures are due for release first thing Monday morning with economists expecting a resilient 6.8 per cent year-on-year read, above the official 6.5 per cent assumption.

In the first half of the year, raw coal output rose 5 percent year on year to 1.71 billion tonnes.

The main drivers of Chinese growth were industrial production, growing 7.6 percent in June alone, and retail sales, which climbed 11 percent. 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.

Debt-fuelled investment in infrastructure and real estate has underpinned China's growth for years but warnings of a potential financial crisis have spurred Beijing to clamp down.

The services sector led the growth with an increase of 7.7 percent, while the manufacturing and the agriculture added 6.4 percent and 3.5 percent separately. A regulatory crackdown pushed up money market rates and helped damp down speculative lending while at the weekend President Xi Jinping warned regulators that failing to spot and dispose of risks in a timely manner would amount to a "dereliction of duty".

The annual growth was forecast to slow to 6.8%.

That is mostly a effect of its efforts to reduce debt.

China reported second quarter growth data Monday that topped expectations. However, for China to upgrade its monetary and financial systems, there are some gaps the NFWC has left out.

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