China's economic growth holds steady despite slowdown fears

China's economic growth holds steady despite slowdown fears

Indeed, real estate investment growth sped up in June after slowing in May, suggesting investment in the sector remained strong, likely due to more robust demand in smaller centers that are encouraged to reduce inventory and not subject to strict curbs seen in the bigger cities.

Economists in Reuters' poll forecast second quarter GDP to grow 1.7 percent from a quarter ago.

"Everything shows that the economy is recovering and growing compared with past year", Huang Weiping, an economics professor at Renmin University, told dpa.

Economic growth has been boosted by government investment in infrastructure and poverty alleviation projects, as well as by entrepreneurship and the service industry, said Hu Xingdou, an economics professor at the Beijing Institute of Technology.

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.

China's major stock indexes recouped sharp early losses on Monday as latest growth data from the world's second largest economy surprised on the upside, buoying earnings prospects for the country's companies.

In June, natural gas output surged 14.6 percent year on year to 11.55 billion cubic meters, 4.1 percentage points higher than the growth in May.

Round 1: Brexit talks start in Brussels with 20 months to go
The prime minister had made similar pronouncements before, but the statement to MPs and peers carried weight in Brussels . The EU has demanded Britain to pay some 60 billion euros (70 billion USA dollars) as exit fee.

Despite efforts to slow down the housing market, property investment grew by 8.5% in the first half, which is up from the same period in 2016.

In terms of quarters, both Q1 and Q2 saw the same 6.9 percent growth.

Matthew Hope, equity research analyst at Credit Suisse, said earlier this month that iron ore prices should be supported in the current quarter given it is a seasonally a strong period for steel production and consumption.

"It is therefore highly probable that authorities will use the resources and policy tools at their disposal to ensure a positive economic outcome", Citibank said.

The ratings agency on Friday maintained its A+ rating on China with a stable outlook.

At the National Financial Work Conference, President Xi Jinping clarified that regulatory tightening would continue quickly with a Commission for Financial Stability established.

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