China’s economic expansion held up amid robust consumer spending, underpinning global growth and giving authorities more room to purge excessive borrowing, while the industrial sector showed signs of modest slowdown.
Steady growth offers support for President Xi Jinping’s mission to shore up financial stability, one of Beijing’s top goals along with reducing poverty and curbing pollution. The robust pace of expansion is a tailwind for the global economy which is seen maintaining its solid performance this year, providing needed support in the form of strong demand for China’s exports.
“The picture is pretty robust,” Cui Li, head of macro research at CCB International Holdings Ltd. in Hong Kong, said in a Bloomberg Television interview. “Consumption is very strong, so that’s in line with the rebalancing story.”
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