Despite the crackdown on smog, including halving output at some steel plants, China saw  a surge in industrial production.
Despite the crackdown on smog, including halving output at some steel plants, China saw  a surge in industrial production.

China Sees First Full-Year Growth Since 2010

China Sees First Full-Year Growth Since 2010

As the world’s second-largest economy reports annual growth of 6.9%, worries remain about mounting debt during 2018.
China has reported its first rise in annual growth since 2010–seemingly benefiting from growing demand abroad as the world economic recovery gathers pace, Brinkwire reported.
The country’s national bureau of statistics has published figures for the fourth quarter of 2017 and the year as a whole, showing a better-than-expected reading of 6.9% for the year–above the country’s target rate of 6.5%.
That rate was set as Beijing said it wanted to achieve a more sustainable level of gross domestic product growth amid worries about a growing debt mountain, risky investments and high pollution levels–particularly from industry.
Despite the crackdown on smog, including halving output at some steel plants, a surge in industrial production helped drive growth in exports in the fourth quarter, the NBS said. It credited improved demand in the world economy.
Domestically, an increase of more than 10% in retail sales over the 12 months was highlighted as the world’s second largest economy attempts to reposition its output more towards consumption and away from a reliance on its factories.
GDP growth of 6.7% in 2016 was the slowest for more than a quarter of a century–leaving Beijing under pressure to aid a jump. Separate figures have shown overall growth in credit in 2017, despite efforts to curb risky lending across the board.
The International Monetary Fund has repeatedly warned of risks stemming from China’s ballooning debt, saying last year that each extra dollar of debt is producing diminishing returns for China’s economy.
The world’s lender of last resort has accused Beijing of placing a greater focus on growth than debt controls–with the authorities’ support for the economy through credit stimulus a factor.
The Chinese government says it has brought down the pace of debt accumulation.
Louis Kuijs, of Oxford Economics, said: “While domestic demand should cool on tighter financial policy, China’s policymakers want the slowdown in credit and the economy to be gradual. We project GDP growth to slow to 6.4% this year.”
Meanwhile, China stocks ended at fresh two-year highs on Friday, with the Shanghai index posting its fifth straight week of gains, as banks extended their rally and after the country posted its first acceleration in full-year growth in seven years. At close, the Shanghai Composite index was up 14.35 points or 0.41% at 3,489.11.

Short URL : https://goo.gl/wzL5y3
  1. https://goo.gl/D9HWRx
  • https://goo.gl/yfZFYj
  • https://goo.gl/UCwqRJ
  • https://goo.gl/BAzoU9
  • https://goo.gl/rzpwXP

You can also read ...

The S&P Mumbai Stock Index Sensex shed 73.88 points or 0.21% and closed at 35,548.26 while the Nifty50 index dropped by  17.85 points or 0.17% and settled at 10,799.85.
It is expected that the latest installment of concerns over...
Markets in Argentina, Brazil and Turkey took  the biggest hits from the fed rate hike.
Higher US rates are rattling many emerging markets in much the...
New Zealand Economy Facing Headwinds
New Zealand’s economic growth is expected to have slowed...
JPMorgan argues the record levels of debt in the US are a clear late-cycle indicator—and sees tough times ahead, at least in credit markets.
It seems like every time Joseph Harvey opens the Wall Street...
Copper Slips to 2-Week Low
Copper eased for a third session on Monday on fears trade...
Without users, it would simply be a worthless token.
Cryptocurrencies are not scalable and are more likely to...
Egyptian Lawmakers Decry Sisi Gov’t Economic Reforms
A group of Egyptian lawmakers on Sunday criticized recent...
Turkey Jobless Rate Falls to 10.1%
Turkey’s unemployment rate stood at 10.1% in March, falling 1....

Add new comment

Read our comment policy before posting your viewpoints