BLOOMBERG.COM
China’s economy stormed back in the first quarter, clocking its first back-to-back acceleration in seven years and bolstering the global growth outlook just as signs of subdued consumer spending have surfaced in the U.S. The Chinese economy accelerated to a better-than-expected 6.9 percent, powered by strength in housing, infrastructure investment, exports and retail sales. And it looks to have done so without worsening credit risks, a welcome development for economists worried about the nation’s towering debt burden. The world’s second-biggest economy accounted for about one-third of global growth last year and, given the strong first quarter data, is on track to contribute at least as much in 2017, according to Rob Subbaraman, chief economist for Asia ex-Japan at Nomura Holdings Inc. in Singapore.
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China’s economy stormed back in the first quarter, clocking its first back-to-back acceleration in seven years and bolstering the global growth outlook just as signs of subdued consumer spending have surfaced in the U.S. The Chinese economy accelerated to a better-than-expected 6.9 percent, powered by strength in housing, infrastructure investment, exports and retail sales. And it looks to have done so without worsening credit risks, a welcome development for economists worried about the nation’s towering debt burden. The world’s second-biggest economy accounted for about one-third of global growth last year and, given the strong first quarter data, is on track to contribute at least as much in 2017, according to Rob Subbaraman, chief economist for Asia ex-Japan at Nomura Holdings Inc. in Singapore.
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