China's second quarter growth beats expectations at 6.9%

Inflation drops to 16.10% — first time in 12 months

China's growth domestic product (GDP) in the second-quarter rose 6.9 percent, well above Beijing's 6.5 percent target for the year.

"New economic strength is on the rise", said Xing Zhihong, a spokesperson with the NBS.

Private sector investment grew 7.2 percent in the first six months to 17.02 trillion yuan, accounting for 60.7 percent of the total, according to the statement.

Meanwhile, retail sales in June increased by 11 per cent compared to the same month in 2016, and a month-on-month increase stood at 0.93 per cent.

In the second quarter, GDP of the world's second largest economy held steady at 6.9 per cent year on year, flat from the first quarter.

China's economy is holding steady.

"Investment into these industries has witnessed better performance than the company's overall investment portfolio", he said.

Growth in both exports and imports was also higher than expected.




Factory output also picked up in the second quarter, though the 6.9 percent growth for the first half was only a slight pickup from recent quarters.

"The national economy performed within an appropriate range with more visible good momentum and achieved steady growth", the National Bureau of Statistics, which released the data, said.

"What is important to note is that this is heavily driven by credit and fixed-asset investment", said Christopher Balding, an associate professor at the HSBC School of Business at Peking University in Shenzhen.

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

Natural gas production increased 8% from a year earlier to 74.1-billion cubic metres for the January-June period, the data showed. The growth was forecast to stay at 6.5%.

As China steps up efforts to fend off financial risks ahead of a five-yearly party congress in the fall, economists forecast that its economy will slow moderately in the months ahead.

On a quarter-on-quarter basis, the GDP rose 1.7 percent in the second quarter.

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