China's reliance on old growth drivers keeps slowdown at bay

Beijing

CHINA'S economy continues to defy expectations for a slowdown, buoyed by strong global demand for its exports and a resilient property market - despite a government pledge to crack down on rising risks.

Beijing's efforts to consolidate and restructure its industrial sector is paying dividends as profits rise, while strong fiscal spending and sustained infrastructure investment have ensured domestic demand stays strong.

Manufacturing surveys last week showed factories continued to enjoy strong price…