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Business

China's Q2 GDP slightly beats expectations

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Opening sequence

Business

China's Q2 GDP slightly beats expectations

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COMING UP:China's Q2 GDP slightly beats expectations

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Transcript

00:00:00
>>
SOUND] A
better than expected checkup for China's economy. GDP from April to June clocking in unchanged at 6.7%. The readings suggest the world's second largest economy is holding steady as investors fret over Brexit and a grinding slow down. But as Elias Glenn reports from Beijing, the champagne should probably be kept on ice.
00:00:21
>> Analysts are now looking for growth to slow down, primarily due to a slow down in investment, particularly from private firms where investment growth has hit record lows. Lending in the first half hit a record high. The concern is that this type of credit growth and monetary pulse to easing will have to continue in order to hit growth targets.
00:00:40
But this will also exacerbate China's debt issue. That is one of the main concerns going forward but this debt will continue to pile up and the economy will continue to slow with the government having to step in to fill that gap in order to hit the targets.>> For now BREXIT doesn't seem to have had a marked effect on China.
00:00:57
And Beijing is hoping it stays that way. Chinese leaders are trying to prop up growth and save jobs while also dealing with reforms that call for cutting back industry. Stocks in Shanghai are still flailing after last year's crash, and the yuan currency is hovering near it's lowest value in five and a half years.