China economic growth steady in second quarter

China's consumer price index rises 1.5 percent year-on-year in June 2017

China's consumer price index rises 1.5 percent year-on-year in June 2017

Deducting inflation, the growth was 7.3 percent, exceeding the country's GDP growth of 6.9 percent for January-June, according to data from the National Bureau of Statistics (NBS).

The figure, marginally ahead of forecasts looking for an increase of 6.8%, was the tenth consecutive GDP report where the year-on-year growth rate was either in line with expectations or exceeded them by 0.1%.

Chinese authorities release a raft of economic data today, including GDP growth, industrial output and retail sales.

President Xi Jinping called for tougher regulations to contain financial risks during a weekend National Financial Work Conference, which sets the tone for reforms.

With risks rising in some parts of the economy due to leveraged investments and over-borrowing, officials need to carefully balance support for growth with risk controls.

Economic growth in China was steady over the second quarter of the year, official data revealed.

China's strong momentum has fueled global economic expansion and boosted sentiment in worldwide markets.

On the latter, the NBS said that overcapacity was "addressed in a well-ordered way" noting that capacity utilisation rates across the nation's industrial sector rose from a year earlier while real estate inventory "continued to be reduced".

Chinese exports will remain the backbone of growth in the world's second largest economy thanks to a gravity-defying property boom and higher government infrastructure spending.

The data helped push regional stocks, in the form of the MSCI Asia ex-Japan index, past a two-year high in overnight trading while the yuan gained for a sixth consecutive session against the USA dollar after the People's Bank of China raised the midpoint of the currency to 6.7562, its highest level in more than 8 months.

The news comes as the government focuses on reining in the country's rapidly ballooning debt.

Julian Evans-Pritchard, an economist at Capital Economics, said: "China's strong first half to the year won't last". However, for China to upgrade its monetary and financial systems, there are some gaps the NFWC has left out.