China Economy Expands by 6.8% as Retail Sales Rebound

China’s economic growth held steady in the quarter ending in March

At the moment, overseas carmakers that want into the Chinese market have to either import their wares or form 50-50 joint ventures with local, state-owned partners. "We underestimated the power of consumption in China".

China began a probe into sorghum imports from the US in early February, just weeks after US President Donald Trump slapped tariffs on imported solar panels and washing machines.

The import charge news came a day after the United States banned USA firms from selling parts to Chinese phone maker ZTE for seven years.

In a statement on Tuesday, GM said its growth in China was "a result of working with our trusted joint venture partners".

Earlier this month China threatened tariffs against soybeans, pork and other US agricultural products primarily produced in Trump-supporting states.

The opening of the financial sector is one of the news of greater attention because it implies entry to the second largest market in the world, with 33 billion dollars in assets.

Beijing has also stuck to its campaign of shuttering heavily polluting factories as it tries to encourage more sustainable and higher quality growth from "new economy" sectors such as technology. It is the leader in manufacturing, and its services industry is booming.

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Its younger parts have been traditionally used to produce timber, a source of income for local residents. They held protests at the site and brought the case before the European Union court.

The world's number two economy exceeded the 6.7 percent growth forecast by analysts surveyed by AFP, and equalled the fourth quarter performance. The Dow Jones industrial average gained 0.9 percent to 24,786.63, nudging the blue chip average into positive territory for the year.

As consumption's contribution to growth typically surges in the first three months, Tuesday's data isn't likely to be indicative of the outlook for the rest of the year.

Trade sources said the deposit or fee was much higher than they had expected and will likely bring USA imports to a halt and inflate prices of alternatives, such as barley.

Property sales, however, continued to slow amid a flurry of government measures to get soaring home prices under control and rising mortgage rates.

Accommodation and catering expanded 7.0 percent, little changed from 7.1 percent growth in October-December. Analysts had expected retail sales to rise 9.9 per cent from 9.7 per cent in the first two months of the year.

The United States shipped 4.76 million tonnes of sorghum to China in 2017, worth around $1.1 billion and making up the bulk of China's roughly 5 million tonnes of imports of the grain past year, according to Chinese customs data.

While asking China to further open its financial sector, which China did do so gradually based on the reality of its domestic economic development and announced other significant moves recently, the USA government blocked China's Ant Financial's acquisition of MoneyGram in January, due to "national security" concerns.

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