China's Q2 growth meets expectations at 6.7% 中国二季度GDP增速6.7%

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China's economy grew at an annual pace of 6.7% in the three months to June, official data showed, meeting forecasts for the period.

That marked a slight slowdown from a 6.8% expansion recorded in the previous quarter.

The data comes as the government attempts to curb growing debt and as trade tensions with the US escalate.

The US raised the stakes in a trade war last week, listing another $200bn worth of Chinese goods to be hit by tariffs.

Chinese stock markets, which have struggled recently amid the escalating trade dispute between the US and China, traded down slightly on Monday.

"GDP growth eased... on softer global trade and the tightening of financial policy since early 2018," Oxford Economics said in a research note.

It expects slow credit growth and softer real estate activity - along with the "intensifying trade conflict with the US" - to weigh on China's growth in the second half of 2018.

The US slapped tariffs on $34bn of Chinese goods on 6 July, opening the way for a tit-for-tat trade war with the world's second-largest economy.

China retaliated, saying the US had launched the "largest trade war in economic history".

Aerial photo taken on May 4, 2018 shows an automatic container dock in Qingdao, Shandong Province

However, Tom Rafferty from the Economist Intelligence Unit said there were also worries about the strength of China's domestic economy.

"The EIU is more concerned about slowing domestic demand within China's economy, with investment persistently weak and consumption also having slowed, and these are much more important drivers of growth than exports," he said in a research note.

Photo taken on May 7, 2018 shows a tower crane loading cargoes on a freight train in Qingdao,  Shandong Province

China's monthly trade surplus with the US hit a record high of nearly $29bn in June as exports to America remained strong.

US President Donald Trump recently suggested that more than $500bn of Chinese goods could be hit by tariffs. That is almost equal to the value of China's entire goods exports to the US last year.

经济稳中向好 上半年GDP同比增长6.8%

7月16日，国新办举行2018年上半年国民经济运行情况发布会。国家统计局新闻发言人毛盛勇在会上介绍，上半年国民经济总体平稳、稳中向好。

初步核算，今年上半年国内生产总值为418961亿元，按可比价格计算，同比（下同）增长6.8%。分季度看，第一季度同比增长6.8%，第二季度增长6.7%，连续12个季度保持在6.7%至6.9%的区间。分产业看，第一产业增加值为22087亿元，同比增长3.2%；第二产业增加值为169299亿元，增长6.1%；第三产业增加值为227576亿元，增长7.6%。

毛盛勇表示，上半年实现经济持续总体平稳、稳中向好的发展态势，有四方面原因：第一，经济运行平稳。从增长速度来看，上半年GDP增长速度是6.8%，连续12个季度稳定运行在6.7%到6.9%的中高速区间；从就业来看，全国城镇调查失业率连续三个月都低于5%；从价格来看，居民消费价格（CPI）上半年是上涨2%，呈现温和上涨的态势。

第二，结构优化升级。从产业来看，第三产业增长速度较快，第三产业增加值占GDP的比重继续提高；工业转型升级在加快推进，农业种植结构在不断调优。从需求看，消费对经济增长的基础性作用在不断地巩固。民间投资、制造业投资也呈现改善的趋势。

第三，动能加快转换。从市场主体来看，创业创新不断发展，“双创”升级版不断打造。从新需求、新消费来看，服务消费在加快增长，旅游、健康、养老、教育、文化增长比较快，实物消费里升级类的商品增长也比较快。

第四，质量效益提升。从质量来看，清洁能源消费在整个能源消费中的比重，比上年同期提高了1.5个百分点。从效益来看，三大收入增长都不错，全国城乡居民人均可支配收入实际增长6.6%，与第一季度持平，与经济增长基本同步；企业利润保持比较快的增长；一般公共预算收入增长10.6%。

从下半年来看，外部环境确实有很多的变数，不确定性、不平衡性有所上升。从外部来看，上半年世界经济呈现复苏的态势，复苏的同时也有一些分化，但是世界贸易保护主义持续升温，这对世界经济复苏会构成一个重大的挑战，对我们来讲也增加了一些挑战和不确定性。从内部来讲，经济发展的不平衡性、不稳定性还有，当前正处在结构调整转型升级的攻关期，下一步，要坚定地推进供给侧结构性改革，持续扩大内需，使经济运行始终平稳运行在合理区间。

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