China GDP growth accelerates in Q2

|By:, SA News Editor

GDP rose 7.5% in Q2 from a year earlier, according to China's statistics bureau. Estimates were for 7.4% growth. On a sequential basis, GDP grew 2% vs. 1.8% forecast, and 1.5% in Q1. Industrial production grew 9.2% vs. forecasts for 9%, and retail sales increased 12.4% vs. 12.5% estimates. Fixed-asset investment increased 17.3% vs. forecasts for 17.2%.

ANZ Banking Group boosts their 2014 GDP estimate to 7.5% from 7.2%, but calls for continued monetary easing to help hit that number.

The statistics bureau also reported the value of June home sales as rising 33% from May, though the value for the year's first half fell 9.2% from the same period in 2013.

Stocks in Shanghai slipped 0.15% overnight, their first decline in four sessions.

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