China June coal output rises as summer power demand heats up

Posted July 17, 2017

The International Monetary Fund has forecast China's full-year growth for 2017 to hold steady at last year's level of 6.7% due to strong government spending.

"Overall, the economy continued to show steady progress in the first half...but global instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains", the statistics bureau said.

An uncanny run of stability compared to other major economies over the same period.

The rate was the same as in the first three months of this year, said the National Bureau of Statistics on Monday.

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"China's economy is operating within a reasonable range, maintaining stable, coordinated and sustainable development, laying a solid foundation for achieving the annual target", Xing said.

The government would continue to deleverage the economy through prudent monetary policy and by reducing leverage in state-owned enterprises, Xi said.

In spite of government efforts to curb property prices, household loans - mostly mortgages - rose to 738.4 billion yuan in June from 610.6 billion yuan in May, according to Reuters calculations based on data recently released by China's central bank.

The services sector led the growth with an increase of 7.7 percent, while the manufacturing and the agriculture added 6.4 percent and 3.5 percent separately.

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"But worldwide instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains".

Industrial output expanded 6.9 per cent year on year in the first six months, against 6 percent in the same period last year.

It was well above the 6.5% pace recorded in the year to May, and breezed past expectations for unchanged reading for the month. Retail sales were also positive, increasing 11% in June from a year earlier. China is becoming even more dependent on exports to the USA, with sales reaching their second-highest level ever last month, trailing only September 2015.

It also beat forecasts for a moderation to 10.6%.

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