China maintains robust expansion pace in Q2

China maintains robust expansion pace in Q2

The Chinese economy maintained the strong expansion pace in the second quarter, paving the way for surpassing 2017 growth target.

The world’s second-biggest economy grew an annualized 6.9 percent in the three months through June, similar to the first quarter’s expansion pace. Analysts had predicted an ease in expansion to 6.8 percent.

Industrial production soared 7.6 percent in June from a year earlier, where strong domestic and international demand helped factories.

Now, it seems that China’s economy will surpass the targeted 6.5 percent growth set for 2017.

On the quarterly basis, the economy expanded 1.7 percent, where the services sector contributed with 54.1 percent of the first half’s growth.  

As of 07:53 GMT, the dollar was 0.02 percent lower versus the Chinese yuan, as the USDCNY traded at 6.7765.

The MSCI world index set a new record high after China's better than expected GDP, yet the Shanghai Composite Index finished 1.43 percent lower on selloff as the Chinese central bank pumped liquidity in the system. 

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Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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