China’s economy unexpectedly steadies, growing 6.4 per cent in first quarter GlobeBusiness
Investors have ranked China’s slowdown and the trade war as the biggest risks facing the faltering global economy.But analysts warn it is too early to call a sustainable turnaround, and further policy support is needed to maintain momentum in the world’s second-largest economy. Many had expected a recovery only in the second half of 2019.
Share markets and most currencies in Asia rose in relief, as China’s slowdown has increasingly weighed on its trading partners from Japan to Germany. The yuan currency rose 0.4 per cent to a 7-week high. Industrial output growth will likely remain steady, with exports expected to keep expanding, Mao said.
“We don’t think the strength in industrial output is sustainable, said Nie Wen, an economist at Hwabao Trust.“At home, the huge amount of social financing might ease as the central bank is wary of reigniting property market bubbles, while abroad the global economic recovery is expected to slow down,” Nie said, pencilling in more moderate output growth of 6.0-6.5 per cent for the rest of the year.
Sales were led by stronger demand for appliances, furniture and building materials, reflecting a resurgence in the residential property market, a key economic driver.Real estate investment rose slightly to 11.8 per cent in the first three months, while construction starts jumped in March. Data on Tuesday showed March new home prices rose at a quicker pace after months of cooling.Fixed-asset investment expanded 6.
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