Chinese gross domestic product rose 6.2.% in the April-June period from a year earlier, below the 6.4% expansion in the first quarter. In June, factory output and retail sales growth beat estimates, while investment in the first half of the year also gave further evidence that stimulus measures to curb the slowdown are feeding through.after the better-than-expected activity data. The offshore yuan was little changed.
“We continue to see the second-quarter growth slowing, but I think we are seeing the stabilization,” Wang Tao, chief China economist at UBS AG in Hong Kong, said in an interview with Bloomberg TV. “The central bank needs to be a bit more proactive” going forward with additional reserve-requirement ratio reductions if higher tariffs come in, she said.
For the manufacturing sector, investment accelerated a notch to 3% in the first half, while infrastructure investment also picked up to 4.1%.Better-than-expected retail sales data also lend credence to the idea that stability will emerge in the second half of the year. While the data are volatile, faster growth in sales of consumer goods, household appliances and furniture also point to the modest recovery ongoing in the vital property sector.
A fiscal stimulus plan including about two trillion yuan of tax cuts is slowly feeding through into the economy. The government has stepped up efforts recently, easing the rules for using government debt in some infrastructure projects and pledging to renovate hundreds of thousands of old buildings.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: China’s Growth Slides to Weakest Pace in Almost Three DecadesChina’s economy continued slowing in the second quarter, with sluggish domestic output and continuing trade tensions pulling growth down to the weakest pace since the early 1990s.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Monday, July 15: Five Things You Need to Know to Start Your DayChina growth data is coming up, markets are set for a cautious start to the week and U.S. earnings season kicks off. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Old Mutual’s battle with Peter Moyo is not only about a conflict of interestAt the heart of the dispute between Old Mutual and sacked CEO Peter Moyo is NMT Capital, an investment firm Moyo co-founded with business titans Sango Ntsaluba and Thabiso Tlelai. Old Mutual is vexed that Moyo and other NMT shareholders wrongly pocketed dividends while the firm had outstanding preference share dividend payments to the insurer and debt obligations to the Industrial Development Corporation. NMT is potentially insolvent.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Africa’s beastly burden: The case for shrinking the faunal poverty lineIt is no coincidence that Africa is the world’s poorest continent and the last refuge of menacing megafauna. This has pre-historical roots and today, the poorest of the poor bear the brunt of human-wildlife conflict. The concept of the ‘faunal poverty line’ seeks to address this and put people first.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: How to address Venezuela’s crushing debt burdenWhen he finally leaves the political stage in Venezuela, Nicolás Maduro will leave behind a grim legacy of oppression, suffering and economic devastation. He will also leave a mountain of foreign-currency-denominated claims against the Venezuelan public sector – almost all of which is now in default – totalling more than $150-billion.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Another one bites the dust as André Pillay resigns as Eskom group treasurerWith the departure of both Phakamani Hadebe and André Pillay, Eskom has lost key talent — both are specialists in the fixed income debt category. Pillay says he has been offered a job elsewhere.
Source: dailymaverick - 🏆 3. / 84 Read more »