Markets

China's industrial output expands 6.6 pct in 2017

China's industrial output expands 6.6 pct in 2017

Retail sales rose 9.4 percent in December from a year earlier, missing expectations.

The 7.5 per cent increase is nearly double the rate in the previous year, although the total figure of 16.47 trillion yuan (USD 2.56 trillion) is within Beijing's target of below 18.82 trillion yuan.

Property prices in China's tier-2 cities, mostly sizable provincial capitals, recorded the strongest growth in December.

For the year, retail sales rose 10.2 percent, compared to 10.4 percent growth in 2016.

China's economy accelerated for the first time in seven years in 2017, growing 6.9% from a year earlier, on the back of robust exports and household spending, official data showed Thursday.

The economy is in the process of rebalancing away from the investment-heavy and export-dependent model that brought four decades of breakneck economic growth but left China heavily in debt.

The world's second-largest economy grew an annual 6.9 percent in 2017, topping the government's target and quickening from 2016 growth of 6.7 percent.




Investment by private firms rose 6 per cent in the Jan-Dec period, up from 5.7 per cent growth in January to November, a sign that the private sector outlook may be improving.

With fixed asset-investment growth at the weakest pace since 1999, exports helped pick up the slack.

A better-than-expected gross domestic product reading could lift stocks and global commodity prices, and boost bullish sentiment on the yuan, which has gained about 1 percent against the dollar so far this year, following a 6.8 percent rise last year.

U.S. President Donald Trump's administration is considering several unilateral tariff actions on steel, aluminum and China's intellectual property practices likely to draw disputes from WTO members. "Both state-owned enterprises and other Chinese enterprises have a high debt ratio, which will have a huge impact on the formation of bad bank debt in the future".

"We expect an opposite trend in the year ahead from last year - smaller tier-3 and tier-4 cities will cool quickly and more housing supply will go into bigger cities where demand will catch up", said JLL's Zhou.

"We think tight monetary conditions and slowing credit growth will continue to weigh on the pace of economic expansion in coming quarters", Evans-Pritchard said in a note.


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