China GDP grows 6.9 percent in the second quarter

China GDP grows 6.9 percent in the second quarter

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.

The quarterly pace came up from 6.7 percent for the first three quarters of 2016 and 6.8 percent for the final quarter of past year.

Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.

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.

The Chinese economy grew faster than expected in the second quarter, boosted by stronger industrial output and personal consumption as well as steady investments. The National Bureau of Statistics will now including contributions from healthcare, tourism and the "new economy".

That was the same as during the first quarter of 2017 but slightly better than the 6.8% pace which economists had been anticipating.

It was well above the 6.5% pace recorded in the year to May, and breezed past expectations for unchanged reading for the month.

Industrial production grew 7.6 percent last month, while retail sales were up 11 percent, both better than the previous month, according to the official data.

Beijing is trying to rein in debt and a housing bubble with tough measures on the property sector and lenders.

Benefiting from a pickup in overseas demand, the total value of Chinese exports registered a year-on-year increase of 15 percent in the January-June period. Trade data released earlier showed export growth accelerated in May and June.

The government has trimmed its growth target for this year to about 6.5 percent, after it expanded 6.7 percent last year - its slowest rate in more than a quarter of a century.

"Overall, China's Q2 economic performance provides a favorable backdrop for the authorities to push forward with their structural reforms, including those highlighted at the National Financial Work Conference held over the weekend", ANZ Bank economists said in a note.

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