China’s gross domestic product (GDP) rose 7.8% from one year ago, an acceleration in the country’s rate of growth. Investment accounted for more than half of growth so far this year. The Chinese government has begun encouraging consumption to be the main driver of economic growth, as opposed to investment. “We believe the People’s Bank of China will slightly shift its monetary policy from a moderate expansion in the third quarter to a neutral stance,” said Ting Lu, an economist at Bank of America-Merrill Lynch.
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