China's Q2 GDP Rebounds To 7.5 Per Cent

BEIJING, July 16 (Bernama) -- China's economy grew by 7.5 per cent year-on-year in the second quarter of 2014, up from 7.4 per cent in the first.

In the first half of the year, the gross domestic product (GDP) rose by 7.4 per cent, according to data released by the National Bureau of Statistics (NBS).

The data showed China's GDP totalled 26.9 trillion yuan in the first six months of the year.

The NBS spokesman Sheng Laiyun said the government's mini-stimulus policies had taken effect, particularly in June, resulting in the economic performance in the second quarter improving over the first.

"China's Purchasing Managers Index (PMI) climbed to 51 per cent in June, which is better than market expectations," he told a press conference here today.

China has announced a series of mini-stimulus measures recently, including targeted monetary easing, quickened fiscal spending, quicker government spending in railway construction and supportive measures in selected sectors.

Although, the Chinese economy was going through a crucial stage of restructuring, whereby traditional industries including real estate may see a temporary impact, Sheng remained optimistic that the world's second largest economy had the ability, potential and conditions for a sustainable growth.

The NBS data showed fixed-asset investment in the first half also lifted by 17.3 per cent from a year ago, edged up 0.1 per cent from 17.2 per cent from January-May period.

The data also showed property investment growth slowed to 14.1 per cent year-on-year in the first half, slipping from 14.7 per cent from January to May, and down from 16.8 per cent in the first quarter.

Industrial production rose 9.2 per cent y-o-y in June from 8.8 per cent in May, while retail sales slipped to 12.4 per cent from May's 12.5 per cent.

The Chinese government has set this year's GDP growth target at around 7.5 per cent to leave room for economic restructuring.

It's premier,Li Keqiang has said the government is more concerned about the employment rate, rather than the growth target for 2014.


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