Tuesday, 16 January, 2018

China Posts Moderate Economy Growth

China Posts Moderate Economy Growth China Posts Moderate Economy Growth
Bennie Garza | 14 November, 2017, 19:11

Industrial output rose 6.2% in October from a year earlier, missing analysts' estimates of a 6.3% gain and down from a 6.6% increase in September.

China produced 283.54 million tonnes of coal in October, up 1.5 percent from a year ago, the data from the National Statistics Bureau showed. (Note that previous year, October retail sales disappointed consensus while November surprised sharply to the upside.) Also, while this shopping spree was initiated by online shops, increasingly traditional stores are being forced into offering discounts on the day to stay in competition. According to a researcher at Bank of China Ltd.'s Institute of International Finance in Beijing, Gao Yuwei, "Today's data look a little slower because we had better readings in September, but it doesn't indicate the economy's going down", and "China will end the year with a good performance".

Chinese industrial enterprises reported total profit of 5.58 trillion yuan ($840 billion) in the first nine months of the year, up by 22.8 percent year-on-year.

But the world's second-largest economy has started to show signs of fatigue, with momentum seen slackening further as Beijing's crackdown on debt risks curbs demand and tighter pollution rules hits factory output.

Gross domestic product grew 6.8 percent in the third quarter, a touch slower than the 6.9 percent pace in the first two quarters.

Economic growth is within a reasonable range, Liu Aihua, a spokeswoman at NBS, told reporters. Analysts say that fiscal stimulus might also be pared back. "However, these drags continue to be partly offset by still strong infrastructure spending". This distortion is becoming larger with the rapid growth of online sales - Alibaba's single day sales reached Rmb168 bn this year, up 39.4% from last year. "But this support seems unlikely to last given that local governments are set to reduce spending in the final months of the year in order to meet budget targets". "The economy is fundamentally strong in other areas.industrial production is only moderating, it's still at really high levels", SHKF's Short said.

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