![\"\"](\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2017\/04\/2504-chine-an.png\")
<\/p>\nCHART OF THE WEEK<\/b><\/p>\n
China\u2019s positive confidence surveys have been confirmed, with first-quarter 2017 growth of +6.9% year-on-year<\/b>, beating expectations of a stable +6.8%. Nominal GDP<\/b>, a key number for debt ratios and corporate turnover, was boosted by rising industrial prices and increased at its strongest pace since 2012 (+11.8% versus +9.6%)<\/b>. According to monthly data, the faster first-quarter growth was down to both stronger domestic demand<\/b>, especially investment in infrastructure and property, and better foreign demand<\/b> on the tailwinds of an improved global outlook. Sector breakdowns point to a slight slowdown in services (+7.7% versus +8.3%), whilst the secondary sector gathered pace (+6.4% versus +6.1%).<\/p>\n
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OUR ANALYSIS<\/b><\/p>\n
This surprise first-quarter growth figure is a good starting point for the Chinese government, which has set its 2017 target at around 6.5%.<\/b> March\u2019s confidence surveys and economic data indicate that momentum is building as the economy heads into the second quarter. This positive growth picture could be an opportunity for the authorities to shift their focus slightly from economic stimulus to financial stability. <\/b>China\u2019s central bank has already tightened money market liquidity conditions and several cities have announced fresh measures to curb property inflation. That said, given this autumn\u2019s 19th National Communist Party Congress, the authorities will be keen to avoid any sharp downturns. <\/b>As such, growth should remain near to the government\u2019s target for the quarters ahead.<\/p>\n
The opinion expressed above is dated April 24th, 2017, and is liable to change.<\/em><\/p>\n This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" CHART OF THE WEEK China\u2019s positive confidence surveys have been confirmed, with first-quarter 2017 growth of +6.9% year-on-year, beating expectations… <\/p>\n","protected":false},"author":101016,"featured_media":10487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-5970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"\n