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China’s economy expanded 6.9 percent for the first half of 2017 [Xinhua]
For the first seven months, industrial production expanded 6.8 percent, a notch down from the 6.9-percent growth registered for the first half of the year.
Industrial output is used to measure the activity of designated large enterprises with an annual revenue of at least 20 million yuan (nearly $3 million).
In contrast, China’s steel output rose to a monthly record in July, while power generation was the highest since at least May 2014.
Meanwhile, data from NBS showed China’s retail sales of consumer goods grew 10.4 percent year on year in July this year.
Fixed-asset investment grew 8.3 per cent in the first seven months of the year, cooling from 8.6 percent in the first half of the year.
China’s economy expanded 6.9 per cent for the first half of 2017, with consumption and services, together with new innovation-driven economic sectors, taking up larger roles in the economy.
In a meeting of the Political Bureau of the Communist Party of China Central Committee last month, the Chinese leadership stressed that there were still contradictions and problems within the economy.
Chinese authorities are looking for ways to fast-track economic reform, moving focus from an economy that is based on manufacturing and industry toward consumer-driven services.
TBP and Agencies
