China's fixed-asset investment up 8.6% in H1


China is now comfortably on track to meet its growth targets after the country reported GDP growth of 6.9 percent in the second quarter of 2017, compared with the previous year.

Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.

"But global instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains". It is unclear whether the new method has been used for Monday's second quarter GDP read.

The bank has raised its 2017 annual GDP projection to 6.8 percent on-year from 6.6 percent previously.

China's steel output rose 5.7 percent in June to a record 73.23 million tonnes, data showed on Monday, as mills in the world's top producer ramp up production due to fat profits from rallying prices.

Fixed-asset investment grew 8.6 per cent year on year in the first half, down 0.6 percentage points from the first quarter, while private sector investment was up 7.2 per cent to 17 trillion yuan, accounting for 60.7 percent of the total.

Factory output also picked up in the second quarter, though the 6.9 percent growth for the first half was only a slight pickup from recent quarters.

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Retail spending grew 11% last month compared with June 2016.

Fixed-asset investment in non-rural areas increased 8.6% in the first half of the year.

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

The expansion highlights the resilience of China's economy, as activity has remained robust even as policy makers have tried to curb excessive and speculative borrowing, leading to a slowdown in money supply growth.

Last quarter's growth momentum had continued into the current one, he said, noting that traditional economic indicators such as power generation and consumption, and new business orders had increased "significantly".

Fitch Ratings on Friday maintained its A-plus rating for the country but said its growing debt could trigger "economic and financial shocks".