China's second quarter growth beats expectations at 6.9%

Violet Tucker
July 17, 2017

China's economy expanded at an annual 6.9% clip in the three months ending in June, the National Statistics Bureau (NSB) said, a rate that was modestly faster than the 6.8% pace anticipated by analysts but largely in line with the rate of growth over the first quarter.

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 a year ago.

Retail sales rose 10.4% in the first half of the year, up 0.1 percentage points from the first quarter's rate.

"However, we must be aware 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.

Value-added industrial output in June rose by 7.6%.

Economists warn the Chinese economy could cool further to 6.6 percent in 2017 despite the signs of a rebound.

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While growth in the high-flying property sector has cooled this year, a rebound in exports after several years of decline has helped prevent any broader slowdown in China's economy.

Online sales of physical goods, one of China's major new business patterns, rose 28.6 percent to 2.37 trillion yuan (about 350 billion US dollars), accounting for 13.8 percent of the country's total retail sales.

And growth in both imports and exports also came in above expectations.

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

The ChiNext, the start-up board at the Shenzhen Stock Exchange, was down nearly 5 percent on the day, but recovered somewhat as trade continued.

Some 7.35 million new jobs were created in China's urban regions from January to June, 180,000 more than the same period a year ago, while per capita disposable income grew 8.8 per cent, the data said.

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

Other reports by Guamnewswatch

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