China National Bureau of Statistics spokseman Sheng Laiyun (earlier here):
- China’s employment, consumer prices were generally stable in H1
- China’s domestic consumption was an important contributor to GDP growth in H1
- Economy still faces downward pressure
- Cooling of property market in H1 was reasonable market adjustment
- Housing market adjustment will create pressure on broader economy in near-term
- Housing market adjustments good for long-term development of sector, broad economy
- China’s improving economic data in June showed government pro-growth measures taking effect
- China’s investment contributed to 48.5% of GDP growth in H1
- China’s final consumption contributed 54.4% of GDP growth in H1
- Net exports a drag on H1 GDP, dragged GDP down 0.2 pct points
- China’s local government debt level still controllable
- China has the ability to maintain relatively fast GDP growth in H2
Lots of soothing noises out of this guy. Not that he’ll give a rat’s, but none of it is helping the AUD very much, it is barely above session lows. Kiwi too.
(Headlines via Reuters )
