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Chinese economic growth could stabilize soon: ANZ

TAIPEI--China's economic growth momentum could soon bottom out, Australia and New Zealand Banking Group Ltd. (ANZ) said Friday after Beijing released its economic statistics earlier that day.

"There are signs that the China State Council's recent call for faster investment and structural reforms have begun to bear fruit," the bank said in a research note.

"While the policy fine-tuning is not sufficient to change the trajectory of the growth profile, it will help lift the sentiment and stabilize the growth over the foreseeable future," the note said.

Consistent with market consensus, China's industrial production rose 8.8 percent in May from a year earlier, higher than the 8.7 percent registered in April, according to official statistics.

Growth in daily production of electricity and steel both rose in May to reach 5.9 percent and 6.1 percent, respectively, while retail sales growth reached 12.5 percent, up from 11.9 percent in April, indicating rising consumer sentiment, the statistics show.

During the first five months of the year, fixed asset investment rose 17.2 percent from a year earlier, also in line with market expectations, ANZ said.

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