China's Economy: Complex and Grim?

China’s growth stabilized as lending and consumer spending picked up, suggesting the economy is responding to stepped up policy support. Gross domestic product rose 6.7 percent in the second quarter from a year earlier, compared with 6.6 percent seen by economists Bloomberg surveyed and in line with the government’s growth target of at least 6.5 percent for the full year. The economic environment remains "complex and grim," a spokesman for the National Bureau of Statistics said at a briefing after the data release. Bright spots include a steady labor market, with the survey-based jobless rate for big cities stable at about 5.2 percent, and faster growth in the technology industry, he said, adding that easing factory-gate deflation has helped company profits. Northern Trust Securities Head of Asia Research Douglas Morton discusses with Bloomberg's and Mark Barton on "The Pulse."

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