Market Updates
Chinese Economy Expands 7.9%
123jump.com Staff
16 Jul, 2009
New York City
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Economic growth in China accelerates in the second quarter to 7.9% from 6.1% in the first quarter as the stimulus reaches many sectors of the economy. Consumption and investment contributed to the growth but the fall in trade surplus deducted the expansion.
[R]7:00 PM Hong Kong, 7:00 AM New York – Economic growth in China accelerates in the second quarter to 7.9% from 6.1% in the first quarter as the stimulus reaches many sectors of the economy. Consumption and investment contributed to the growth but the fall in trade surplus deducted the expansion.[/R]
The gross domestic product in China surged at 7.9% in the second quarter surprising most economists.
The strong economic growth in the second quarter helped China to register 7.1% economic expansion in the first half as the economic stimulus works its way to the various sectors in the economy. The economy grew at 6.1% in the first quarter.
Consumption and investment supported the economic growth and fall in trade surplus trimmed the growth. The consumption increased by 3.8% and investment contributed 6.8 percentage point to the economic expansion.
The yuan in currency trading was nearly unchanged at 6.83 to a dollar after the release of the data.
The People’s Bank of China completed the sale of 50 billion yuan in short term notes of one year duration. The T-bill with one year maturity yielded 1.6%, higher than 1.5% yield in the auction last week.
China also reported yesterday that M2 money supply increased 28.5% in June after the money supply increased at 25.7% in May.
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