Market updates on July 16
Welcome to Tuesday!
China’s first-quarter GDP ascends faster than expected
China's economy managed to rally 6.9% during the first quarter from the previous year, moderately faster than expected, backed by a government infrastructure spending spree as well as a frenzied housing market, demonstrating signs of overheating.
Financial experts surveyed by Reuters had expected the Chinese economy to surge 6.8% during the first quarter, showing the same pace as in the previous year’s fourth quarter.
First-quarter surge turned to be the fastest since the third quarter of 2015. March data revealed that investment, factory output, retail sales as well as exports all added faster than expected.
The sturdy reading will help to back wobbly global financial markets, though it will also add to concerns that China's authorities are still heavily relying on stimulus, not to mention old economy growth drivers. The government isn’t doing enough to cope with risks from an explosive build-up in debt.
While China's data has been mostly positive this year, a great number of analysts widely expect the world's number two economy to lose steam in the nearer future because the impact of earlier stimulus measures starts fading and local authorities step up their battle for the purpose of reining in hot housing prices.
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