China's GDP grows 6.7 pct in first 3 quarters

[TaiShang]

China's GDP grows 6.7 pct in first 3 quarters

Xinhua Published: 2018-10-19 10:22:38


China's gross domestic product (GDP) expanded 6.7 percent year on year in the first three quarters of 2018 to about 65.09 trillion yuan (about 9.38 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Friday.

A production line at a factory in Yancheng, Jiangsu Province. [Photo: VCG]

The pace was in line with market expectations and higher than the government's annual growth target of around 6.5 percent.

In the third quarter, China's GDP rose 6.5 percent from a year ago, compared to a 6.7-percent increase in the second quarter, the NBS said in a statement.

The economy has expanded in a reasonable range and maintained a trend of overall stability and steady progress, the statistical authority said, while acknowledging that the country faces more external challenges and rising downward pressure.

The service sector gained 7.7 percent year on year in the January-September period, picking up from a 7.6-percent increase in the first half, and outpacing 3.4 percent in primary industry and 5.8 percent in secondary industry.

http://chinaplus.cri.cn/news/business/12/20181019/197858.html

 

[AndrewJin]

China's GDP grows 6.7 pct in first 3 quarters

Xinhua Published: 2018-10-19 10:22:38


China's gross domestic product (GDP) expanded 6.7 percent year on year in the first three quarters of 2018 to about 65.09 trillion yuan (about 9.38 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Friday.

A production line at a factory in Yancheng, Jiangsu Province. [Photo: VCG]

The pace was in line with market expectations and higher than the government's annual growth target of around 6.5 percent.

In the third quarter, China's GDP rose 6.5 percent from a year ago, compared to a 6.7-percent increase in the second quarter, the NBS said in a statement.

The economy has expanded in a reasonable range and maintained a trend of overall stability and steady progress, the statistical authority said, while acknowledging that the country faces more external challenges and rising downward pressure.

The service sector gained 7.7 percent year on year in the January-September period, picking up from a 7.6-percent increase in the first half, and outpacing 3.4 percent in primary industry and 5.8 percent in secondary industry.

http://chinaplus.cri.cn/news/business/12/20181019/197858.html

Is that nominal or real growth?

 

[Quibbler]

Is that nominal or real growth?

Probably real. Governments dont usually public nominal growth as it fluctuates on a day to day basis due to currency variations and inflation.

 

[TaiShang]

Chinese vice premier speaks up on economic woes, confidence rallied in markets

CGTN
2018-10-20

Chinese Vice Premier Liu He has spoken up on Friday addressing major market concerns, stressing that the risks and problems lurking in the world's second largest economy which have been brought to day light should be examined “rationally.”

Sitting down with three leading Chinese state media, Liu first shared his analysis of the recent market correction in China, attributing it to a combination of multiple factors that range from interest rate hikes by major economies, investor psychology and the Sino-US trade frictions.

"The Sino-US economic and trade frictions have also caused [an] impact on the stock market, but the psychological effect is bigger than the actual impact, frankly speaking," said Liu, adding that “China and the US remain in contact with each other.”

VCG Photo

"China is becoming the most valuable market for investment in terms of global asset allocation. The bubble has been greatly reduced. The quality of listed companies is improving, and their valuation is at a historic low level. Therefore, many institutions suggest paying close attention to China's stock market, believing in its high investment value."

No such thing as 'the state advances as the private sector retreats'

Liu also shut down the criticism that state-owned firms are creating a wedge in the country's private sector, calling the view “one-sided and wrong,” but in the meantime recognizing that problems exist in policy execution, which hampers the financing of private businesses.

“Some lenders are under the impression that it was safe to provide loans to state-owned enterprises (SOEs) but politically risky to loan to private businesses,” Liu noted.

“This kind of understanding and practice is completely wrong.”

Recently, some private enterprises that expanded quickly through massive borrowing in early days have encountered liquidity problems due to their deviation from the main business. To help them out, state-owned banks and enterprises participate in their restructuring, an operation which some regard as withholding support.

VCG Photo

China's private sector plays an important role in the economic system, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.

"Without private enterprises, the entire economy cannot achieve stable development," Liu said.

The vice premier did not flinch from addressing the difficulties in the economy during the interview, saying that "the country's economic structural adjustment has yet to be completed, and supply-side structural reform needs to be further advanced." But he remains optimistic about the country's future development.

"China must identify and seize new opportunities to transform traditional industries, foster new sectors and step up the building of a modernized economy," Liu said.

 

[AndrewJin]

Probably real. Governments dont usually public nominal growth as it fluctuates on a day to day basis due to currency variations and inflation.

Then 0.6 trillion dollars worth of real GDP increase, not bad at this difficult time.

China's private sector plays an important role in the economic system, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.

One good example is DJI, its revenue is not that big, but the entire manufacturing chain supporting DJI is powerful.
This chain is also beneficial to all foreign partners involved.

 

[TaiShang]

China's road cargo traffic expands in Jan.-Sept.

Xinhua Published: 2018/10/21


China's road freight transport continued fast expansion in the first nine months of 2018, the Ministry of Transport said Saturday.

From January to September, the amount of cargo carried on roads, which takes up the lion's share in China's total cargo transport, increased 7.5 percent year on year to 28.64 billion tonnes, the ministry said in a statement.

In September alone, road cargo traffic rose 7.6 percent to 3.71 billion tonnes, the statement said.

The growth came amid China's steady economic growth, which stood at 6.7 percent in the three quarters, above the government's annual target of around 6.5 percent.

In the first nine months, the amount of cargo transported by water rose 4.1 percent to 5.12 billion tonnes, according to the ministry.

 

[GeraltofRivia]

Is that nominal or real growth?

Yes, it is real (inflation adjusted) and in RMB (no exchange rate fluctuation).

 

[Adam WANG SHANGHAI MEGA]

Way to go motherland CHINA!
Love Huawei Mate 20 Pro!!!

 

[Chinese-Dragon]

Way to go motherland CHINA!
Love Huawei Mate 20 Pro!!!

How about Huawei Mate 20X?

Much better looking notch on top: