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Chinese GDP stable at 7 percent growth
China’s economy beat expectations of below 7 percent growth in the second quarter as better June data shows signs of a rebound despite the recent stock market rout. Meg Teckman reports.
Defying expectations and poor figures early in the quarter, China's economy held on to its seven percent growth in Q2.
Forecasted to come in under the seven-percent mark, some analysts believe months of policy easing are finally bearing fruit - with a boost in infrastructure spending and June's trade recovery keeping GDP growth stable.
But the government's official target of "around seven percent" for the full year would still be the weakest rate in 25 years.
Francis Cheung of CLSA.
HEAD OF CHINA AND HONG KONG STRATEGY, CLSA, FRANCIS CHEUNG, SAYING:
"The reason I'm surprised it hit seven percent is that the GDP targets going forward are no longer hard targets. Like last year, they didn't hit the 7.5 percent target and most people expected it to come in below seven this year. So I think that's the right thing to do is that these targets are no longer mandated. It's okay to come below them. So you may see it miss still in the second half of the year."
China is also struggling to reign in its equity markets.
Stocks had surged in the first half of the year but lost as much as 30 percent of those gains in recent weeks.
And investors were not cheered today (Jul 15) by the data release with stocks in Shanghai falling after the announcement.
Beijing is still working to reshape its economy towards consumption, and more policy moves by the country's central bank may still be needed to support the push in the second half of the year.
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