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China growth holds above government target in second quarter

Business | Jul 17, 2017 10:51
China's economic growth held steady in the latest quarter, boosted by trade and consumer spending, despite concerns about a possible impending slowdown. 
Economic output improved by 6.9 percent in the three months ending in June compared with a year earlier, government data showed Monday. That was in line with the previous quarter and exceeded some forecasts.
Gross domestic product expanded in the first half to 38.15 trillion yuan (US$5.62 trillion, the National Bureau of Statistics reported.
"The national economy performed within an appropriate range with more visible good momentum," NBS said.
Forecasters expect economic growth to cool later this year as those credit controls take hold, depressing investment. 
The International Monetary Fund has forecast China's full-year growth for 2017 to hold steady at last year's level of 6.7 percent due to strong government spending. 
Consumer spending and trade growth both accelerated during the second quarter, helping to offset softening investment in factories, real estate and other fixed assets. 
Retail sales grew by 10.4 percent in the first half of the year, up 0.1 percentage points from the first quarter's rate. Trade data released earlier showed export growth accelerated in May and June. 
Fixed asset investment, the biggest single component of economic growth in recent years, was up by by 8.6 percent in the first half of the year, but that was down from 0.6 percent from the first quarter's expansion, the National Bureau of Statistics reported today.
In the first four months, fixed assets investment climbed by 8.9 percent from a year earlier, down from 9.2 percent in the first quarter.-AP/The Standard


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