China's GDP up 6.9% in Q2

China's GDP up 6.9% in Q2

China's GDP up 6.9% in Q2

Gross domestic product in Asia's largest economy expanded at a 6.9% year-on-year clip in the three months to June, according to the National Bureau of Statistics.

China also reported January to June fixed asset investment rising 8.6 percent on year (topping a Reuters poll of 8.5 percent growth) while property investment rose 8.5 percent in the same period.

Chinese authorities release a raft of economic data today, including GDP growth, industrial output and retail sales.

Analysts expected a 6.8 percent growth in the April to June quarter while Beijing's expansion target was around 6.5 percent for 2017, a little lower than the 6.7 percent the previous year which was the country's lowest rate in 26 years.

On a sequential basis, economic growth improved to 1.7% from 1.3%.

The government targets slightly slower growth of about 6.5% this year.

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Crude oil output by producers with annual core business revenues above 20 million yuan (2.96 million US dollars) dipped 2.3 percent year on year to 16.21 million tonnes in June, according to the National Bureau of Statistics (NBS). In the first half, retail sales advanced 10.4%. The president said at the National Financial Work Conference on the weekend he wanted to give China's central bank a bigger role in dealing with risks in the financial system.

Chinese economic growth topped expectations yet again in the June quarter with GDP expanding 6.9% from a year earlier.

Many analysts expected China's economy to slow as those policies kicked in.

With risks rising in some parts of the economy due to leveraged investments and over-borrowing, officials need to carefully balance support for growth with risk controls. While the country's debt stands at 277% of GDP, it has introduced tighter lending restrictions on banks to help rein in consumer debt and soaring house prices.

Power output increased 6.3 percent year on year to 2.96 trillion kilowatt-hours in the first half of 2017, the NBS said.

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