China second quarter GDP grows 6.9 percent year on year, beats expectations

China second quarter GDP grows 6.9 percent year on year, beats expectations

China's economy grew 6.9 percent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.

A general view of a shopping mall under construction in Chongqing, China July 13, 2017. REUTERS/Stringer

BEIJING: China's economy grew 6.9 percent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.

Analysts polled by Reuters had expected the economy to

expand 6.8 percent in the April-June quarter, slightly slower than the pervious quarter's robust 6.9 percent pace.

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

Many analysts expect the world's second-largest economy

to lose steam later in the year as policy measures to rein in red-hot housing prices and a rapid build-up in debt take a greater toll on growth.

Gross domestic product (GDP) in April-June grew 1.7 percent quarter-on-quarter, compared with growth of 1.3 percent in January-March, the National Bureau of Statistics said on Monday.

Analysts had expected quarterly growth would quicken to 1.7 percent.

(Reporting by Kevin Yao; Editing by Sam Holmes)

Source: Reuters

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