China 2Q GDP growth tops forecasts

China's economy grew 6.9% in second quarter but risks remain

China's economy grew at a 6.9% pace in the second quarter, beating expectations and showing the resilience of the world's second largest economy.

The 6.9 per cent expansion for the second quarter of the year, announced by China today, matched first-quarter growth.

Beijing has set a growth target of around 6.5 percent for 2017, a tad lower from 6.7 percent in 2016, which was the country's lowest rate in 26 years.

China aims to create more than 11 million jobs this year, 1 million more than last year's target.

"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.

Xing also warned that there are still uncertainties and instabilities internationally, while domestic long-term structural contradictions remain prominent.

On a quarterly basis, GDP was up 1.7 percent - in line with expectations and up from 1.3 percent in the three months prior.

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The NBS said that GDP for tertiary industries - predominantly services - grew by 7.7%, outpacing growth in the nation's secondary (industrial) and primary industries of 6.4% and 3.5% over the same period.

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

On Friday, customs data showed that China's foreign trade accelerated in June, adding to generally strong trade data in the first half of the year.

China's fixed-asset investment (FAI) eased in the first half of this year as the economy continues to firm up, data released Monday showed. It also said that leverage of enterprises "was brought down".

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

Analysts said investors were cautious after Chinese President Xi Jinping stressed the need to control financial risks at a five-yearly financial conference over the weekend.

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