China's GDP grows 6.9% in Q2 as industrial output, consumption pick up

CHINA-ECONOMY-TRADE

The country's GDP grew 6.9 percent in the second quarter from a year earlier, the National Bureau of Statistics said on Monday, which was also the same rate as the previous quarter.

A survey by China's central bank in late June showed that 31.2 percent of households expect housing prices to rise in the third quarter of this year, while 46.1 percent of households tipped them to remain basically unchanged.

The government is targeting for a growth of around 6.5% in 2017, slightly lower than last year's actual 6.7%, which was the weakest pace in 26 years.

The National Bureau of Statistics said that the 6.9 per cent growth figure was reflective...

Debt-fuelled investment in infrastructure and real estate has underpinned China's growth for years but warnings of a potential financial crisis have spurred Beijing to clamp down.

"However, we must be aware that there are still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home", Xing told reporters. The annual growth was forecast to slow to 6.8%.

"If global demand for Chinese goods stays elevated, that will offset the curbs on growth that property and debt that the government has implemented", said Tao Wang, chief China economist at UBS.

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In the first half of 2017, the economy advanced 6.9%.

In the first half of the year, industrial production grew 6.9%.

The NBS said that industrial output grew 7.6% year-on-year in June, equaling the fastest rate of growth reported since December 2014.

Rounding off the quartet of data beats, urban fixed asset investment grew by 8.6% between January and June compared to the same period in 2016, topping the 8.5% pace expected by economists.

The country's retail sales recorded a growth of 11% in June compared to a year earlier, which was the fastest since December 2015.

"The biggest risk is the credit and loan risk of enterprises", Hu said.

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