The growth rate, which compares expansion with the same three months in the previous year, was the same as in the first quarter of 2017. Beijing is trying to rein in debt and a housing bubble with tough measures on the property sector and lenders.
Many analysts expected China’s economy to slow as those policies kicked in. But the latest data is well above Beijing’s 6.5% growth target for 2017. Limited impact 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. Some analysts are predicting that tighter lending rules may not have the cooling effect that many expected.
“Property prices will have an impact in the second half, but the impact might not be as big as we thought. It is only on prime cities. The third-tier and fourth-tier cities might catch up a little bit and that will offset some of the slowdown in first tier cities,” said Iris Pang, Greater China Economist with ING. China’s economy grew at its weakest pace in 26 years during 2016, but other data released on Monday added to the picture of rebounding growth for the Chinese economy. Industrial output for June grew by 7.6%, well above the forecast 6.5%.
Retail spending grew 11% last month compared with June 2016. And growth in both imports and exports also came in above expectations.
A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morganview all posts by: Nana Kwesi Coomson
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