|Published : 17 Apr 2017, 18:55:26|
First quarter of 2017 shows China’s strongest economic performance
A recovery in resource prices that began in 2016 has buoyed the Chinese economy, according to a global media report.
It further noted that this factor has led to the return of producer prices to positive territory last September after four years of deflation.
A four-year slump in the oil, coal and steel industries has, however, caused the northern and western parts of the country’s to struggle still with the fallout, it stated.
The country’s gross domestic product grew at an annual rate of 6.9 per cent in the first quarter of 2017, causing the start of the year with its strongest quarterly economic performance in 18 months, it said.
This performance has come on the back of a surge in industrial activity, property investment and credit growth has, the report stated.
Growth in Chinese credit -- including shadow lending outside the formal banking sector -- and a bullish turn in commodities that began last year, have lent particular strength to the country’s industrial growth, the report added.