China March industrial output rises 7

China March industrial output rises 7

Gross domestic product increased 6.9 per cent in the first quarter from a year earlier, compared with a 6.8 per cent median estimate in a Bloomberg survey.

It is "no big deal" if economic growth slips by some tenths of a percentage point in the near future, he said, noting that China's economic growth rate has become less volatile in recent years, with 6.9% for Y 2015, 6.7% for Y 2016 and 6.9% for Q-1 of Y 2017.

Industrial output rose 7.6 per cent last month from a year earlier, compared with an estimated 6.3 per cent rise.

Retail spending increase 10.9%, more than estimated, whereas the fixed-asset investments grew 9.2% in the first quarter of the current year, showing a little improvement from February.

The service sector rose 7.7 per cent year on year in the first quarter, outpacing a 3-per cent increase in agriculture and 6.4 per cent in the secondary industry.

Once again, China's policymakers leaned on infrastructure and real estate investment to drive expansion in the first quarter.

The value of China's home sales remained buoyant in March, according to data released Monday by the National Bureau of Statistics. These included a broadening of the areas where limits on home purchases apply, an increase in down payment requirements and a requirement that prohibits homes from being resold within two years of purchase.

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"It seems highly likely authorities will want to see a strong economy and financial markets as we roll into that situation".

As the second-largest economy in the world, behind the United States, the Chinese government said Monday that first quarter growth was 6.9 percent, above the full-year target of 6.5 percent.

The surge in Chinese real estate prices and demand appears to be pumping up the entire economy.

Spending on infrastructure, spiralling property market and increase in public debt specially the bad loans remained a key concern for Chinese leadership as it grappled to halt the slowdown of the economy which previous year slid to 6.9 per cent.

"The first quarter growth is mainly driven by reflation and very strong property sales and investment", said Larry Hu, head of China economics at Macquarie Securities Ltd.in Hong Kong.

"The rebound in retail sales growth was particularly important as it indicates that consumer spending remains strong", said Rajiv Biswas, Asia-Pacific chief economist at IHS Markit in Singapore. Beijing could have pumped up growth to prepare for the economic slowdown expected in the second half of the year, while at the same time reining in the red-hot housing market to prevent a bubble.

The growth figures are overshadowed, however, by deeper problems in the Chinese economy like personal debt, according to the BBC, which the news outlet cited at 250 per cent of GDP.

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