China’s gross domestic product growth may have come in on-target in the second quarter at 6.7%, but its composition deserves a second look, according to the Financial Times. Data from the National Bureau of Statistics suggest that stimulus efforts by policymakers in China are feeding through as hoped to old-growth sectors of the economy, particularly manufacturing: after backsliding in the first quarter to annualized growth of 5.9%, secondary sector GDP grew 6.3% in the second quarter. But the services sector appeared to have received little windfall from increased spending, continuing on a downward trajectory it began in Q4 2015 – albeit at a slower pace than in previous quarters: tertiary GDP notched a fall of 0.1% points to 7.5% in Q2.
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