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China's economy beats outlook, grows 6.9% in Q2

17 July, 2017, 20:41 | Author: Samuel Sharp
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In the second quarter, GDP growth was steady at 6.9 percent year on year, flat from the first quarter, but well above the government's annual growth target of 6.5 percent.

The world's second largest economy is aiming a growth of about 6.5% in the current year, a little lower than previous year's actual 6.7%, which grew at the slowest pace in the last two-and-half decade.

Despite the strong result, the NBS said that that there are "still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home".

The data also showed China's service sector continued its expansion as Chinese economy reconfigured its base from previously strong manufacturing to services. Industrial output, consumption and exports have all shown an upward trend in the last quarter, leading to a better-than-expected GDP growth rate.

But the latest data is well above Beijing's 6.5% growth target for 2017.

New construction starts measured by floor area, a telling indicator of developer confidence, rose 14.0 percent in June, the highest since October 2016, according to Reuters calculations.

Over the half, China produced 419.75 million tonnes of crude steel, up 4.6% on the same period a year earlier.

President Xi Jinping has called for even tougher regulations to reduce the country's vulnerability though the GDP figures suggested there was no cause for immediate alarm - given stronger export growth and a jump in new orders.

Other data released by the statistics agency painted a rosy picture of the economy, with industrial production and fixed-asset investments both beating expectations.

The ratings agency on Friday maintained its A+ rating on China with a stable outlook.

The ongoing economic transition and structural reform sparked optimism on China's future growth outlook.

Output during the January-June period was down 5.1% year on year at about 3.89-million barrels a day.

Year-on-year growth in retail sales accelerated to 11 percent in June, from 10.7 percent in May, while fixed-asset investment also picked up speed in June.


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