Of the 30 regions and provinces that released their local gross domestic product (GDP) data, 23 reported first-half economic growth accelerated from the
first quarter.
About three-quarters posted growth that was higher than the national average of 7.4 percent in the first six months.
Growth also diverged sharply between eastern and western China. The coastal and northeastern regions fared the worst, while activity was most buoyant in the
central and western areas, where double-digit growth rates were concentrated.
Analysts said this suggested China's bid to rebalance its economy is paying off.
From redefining job targets to shifting investment to inland areas and cutting obsolete capacity in energy-guzzling sectors in the north, China wants
to overhaul the world's second-largest economy and encourage more sustainable
and higher-quality growth.
"The growth gap is an expected result of Beijing's efforts to rebalance regional economies and let the fruits of growth be more evenly shared by the
poorer inland regions," said Nie Wen, an analyst at Hwabao Trust in Shanghai.
In Hebei -- China's top steel producer -- for instance, GDP growth stayed sluggish in the first six months, even though activity picked up slightly to 5.8
percent compared with 4.2 percent in the first quarter.
Hebei's drowsy performance is in part due to its efforts to remake itself. Hebei wants to slash total steel capacity by 60 million tons by 2017 and to shut
more outdated steel mills this year to cut air pollution in northern China.
Similarly in the northeastern Heilongjiang province, the only province that has not released its GDP data, a local statistician who declined to be
identified said first-half GDP growth was likely to be the lowest in China at
under 5 percent.
A hub for China's heavy industry and a major coal producer, Heilongjiang was also the weakest performer in the first quarter, when its GDP growth fell to 4.1
percent.
Inland regions outpacing
In contrast, economies in the west such as Chongqing, Guizhou and Qinghai all posted double-digit GDP growth between January and June, helped by policy
support. Just last month, Premier Li Keqiang had vowed to sink more cash into
the industries and infrastructure in western China.
"Most of Beijing's recent piecemeal pro-growth measures have targeted the central and western provinces," Nie said.
Meanwhile, the biggest export-oriented provinces of Guangdong and Zhejiang saw GDP growth slacken in the first-half of 2014 to between 7 percent and 7.5
percent.
Cooling growth along China's eastern coast is in line with Beijing's goal of cutting its economic reliance on exports in favor of a more sustainable
expansion in domestic consumption.
Data earlier this month showed China's economic growth quickened to 7.5 percent in the second quarter, as a raft of stimulus measures helped lift the
pace from an 18-month low of 7.4 percent between January and March.
Still, a Reuters poll this month found that China's economy is forecast to grow 7.4 percent this year, the slowest pace in 24 years, and many economists
believe more government measures may be needed to maintain its momentum.
In eastern Shandong province, growth edged up to 8.8 percent in the first half from 8.7 percent in the first quarter, but strains are evident from the
earlier slowdown in growth, government efforts to reduce excess capacity and a
cooling property market.
The amount of bad bank loans in the province surged 25.8 percent between January and June this year, the official Financial News reported last week.
Many economists see the property slowdown as the key risk to national and regional economies this year. A growing number of cities and local governments
have eased restrictions on property purchases in recent months to shore up
revenues and boost economic activity.
NEW YORK, Feb. 13 (Xinhua) -- U.S. stocks added gains Friday, with the S&P 500 closing at a record high and the Dow Jones Industrial Average above
18,000 for the first time in 2015, buoyed by upbeat eurozone growth data and a
recovery in oil prices.
The S&P 500 climbed to a new all-time high of 2,097.03 points on Friday, before closing at a record of 2096.99 points, up 8.51 points, or 0.41 percent,
with the energy sector rising 1.95 percent to lead gains.
The Dow increased 46.97 points, or 0.26 percent, to 18,019.35, above the round-number mark of 18,000 points for the first time this year.
The Nasdaq Composite Index extended gains after logging its highest level since March 2000 Thursday, up 36.22 points, or 0.75 percent, to 4,893.84.
Seasonally adjusted gross domestic product (GDP) rose by 0.3 percent in the euro area during the fourth quarter of 2014, compared with the previous quarter,
said the statistical office of the European Union on Friday. European equities
advanced broadly on the better-than-expected economic data.
The German economy increased 0.7 percent in the fourth quarter after expanding 0.1 percent in the previous three months, while data from France
showed a 0.1-percent growth.
Strengthening oil prices also provided upward jolts to the stock market. Brent crude rose above 60 dollars a barrel on Friday for the first time this
year, as data showed more rigs were pulled out of oil fields in the United
States this week.
Light, sweet crude for March delivery moved up 1.57 U.S. dollars to settle at 52.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude
for March delivery added 4. 47 dollars to close at 61.52 dollars a barrel.
Meanwhile, Wall Street continued to embrace the Ukraine ceasefire agreement, which boosted European and U. Aritz Aduriz Spain Jersey Isaac Brizuela Mexico Jersey Christoph Kramer Germany Jersey Cheap Cardinals Jerseys Wholesale Broncos Jerseys Wholesale Bills Jerseys Wholesale Bengals Jerseys Wholesale Bears Jerseys Wholesale Minnesota Vikings Jerseys Wholesale Tennessee Titans Jerseys
