China's 2nd-quarter GDP growth steady at 6.9%

China's 2nd-quarter GDP growth steady at 6.9%

China's 2nd-quarter GDP growth steady at 6.9%

CHINA'S economy expanded 6.9 percent from a year earlier in the second quarter of this year, flat with the growth rate in the first three months, the National Bureau of Statistics said this morning.

Information technology was by far the fastest growing sector in the first quarter, a trend that's expected to have continued in the second-the National Bureau of Statistics will release a breakdown of growth by industry on Tuesday.

Despite China's better than expected GDP results, analysts expect the country's economy to slow down later in the year saying that the effect of the recent stimulus procedures will start to fade away as Beijing looks for a solution to ease a red-hot housing market and tries to control leverage.

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The ChiNext, the start-up board at the Shenzhen Stock Exchange, was down nearly 5 percent on the day, but recovered somewhat as trade continued.

The meeting is usually overseen by Premier Li Keqiang, but this year, President Xi Jinping also addressed the conference, making it clear the main focus was to reduce financial risks.

He cited tightening policies in the property market and the government's deleveraging campaign which may affect the second half of the year, he added.

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China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse.

Vivek Dhar, mining and energy commodities analyst at the Commonwealth Bank, shares a similar view, noting in early July that "elevated steel mill margins and abundant spare capacity should provide the impetus for a short-term rally in iron ore prices". "So I think the PBOC (People's Bank of China) just continues to be watchful", said Craig James, chief economist for Commonwealth Securities in Sydney.

The NBS said that GDP for tertiary industries - predominantly services - grew by 7.7%, outpacing growth in the nation's secondary (industrial) and primary industries of 6.4% and 3.5% over the same period.

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With China and the United States set to begin economic talks on Wednesday, simmering trade tensions are sure to be a major topic and firm Chinese export numbers will certainly keep the point of contention elevated. That was matched by Monday's data.

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