China Q1 GDP grows 6.9% year-on-year, exceeds expectationsApril 17, 2017 - 13:56 AMT PanARMENIAN.Net - China's economy expanded faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years, Reuters reports. Growth of 6.9 percent was the fastest in six quarters, with forecast-beating March investment, retail sales and exports all suggesting the economy may carry solid momentum into spring. But most analysts say the first quarter may be as good as it gets for China this year, and worry Beijing is still relying too heavily on stimulus and "old economy" growth drivers, primarily the steel industry and a property market that is showing signs of overheating. "The Chinese government has a tendency to rely on infrastructure development to sustain growth in the long term," economists at ANZ said in a note. "The question we need to ask is whether this investment-led model is sustainable as the authorities have trouble taming credit. We need to watch closely whether China’s top leadership will send a stronger signal to tighten monetary policy shortly." Even as top officials vowed to crack down on debt risks, China's total social financing, a broad measure of credit and liquidity in the economy, reached a record 6.93 trillion yuan ($1 trillion) in the first quarter -- roughly equivalent to the size of Mexico's economy. At the same time, spending by the central and local governments rose 21 percent from a year earlier. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |