China June coal output rises as summer power demand heats up

Nigeria’s Finance Minister Kemi Adeosun

Nigeria’s Finance Minister Kemi Adeosun

Industrial output expanded 6.9 per cent year on year in the first six months, against 6 percent in the same period last year.

The pace was slightly higher than previous market consensus of 6.8 percent and well above the government's annual target of "around 6.5 percent".

China also reported January to June fixed asset investment rising 8.6 percent on year (topping a Reuters poll of 8.5 percent growth) while property investment rose 8.5 percent in the same period.

China's major stock indexes recouped sharp early losses on Monday as latest growth data from the world's second largest economy surprised on the upside, buoying earnings prospects for the country's companies.

"However, we must be aware that there are still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home", Xing told reporters.

"If global demand for Chinese goods stays elevated, that will offset the curbs on growth that property and debt that the government has implemented", said Tao Wang, chief China economist at UBS.

That follows Moody's decision in May to downgrade China for the first time in nearly three decades on concerns over its ballooning credit and slowing growth.

On a quarterly basis, growth picked up to 1.7 percent from 1.3 percent in the first quarter, in line with expectations. It attributed the growth to online sales, which surged 33.4 percent year-on-year in the first six months of 2017.

Industrial enterprises above the designated size reaped profits of 2.9 trillion yuan in the first five months, representing an increase of 22.7 percent from a year ago.

June retail sales and factory output both surpassed expectations, growing 11 percent and 7.6 percent, respectively.

President Xi Jinping called for tougher regulations to contain financial risks during a weekend National Financial Work Conference, which sets the tone for reforms. Banks would tighten their credit policy in the near term, risking the cash flows of some borrowers.

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