China’s economy grew 6.9% in second quarter

The world’s second-largest economy served up gross domestic product (GDP) growth of 6.9% in the second quarter of the year, according to official figures.

Their average monthly income grew 6.3 percent to 3,405 yuan in the second quarter.

Thus, China managed to exceed its target of 6.5 percent growth, set by the government for 2017. Industrial output, which rose 7.6% from the same period a year ago, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.

Industrial production rose 7.6% year-on-year, while fixed asset investment investment increased 8.6% in the first half of the year.

Economists polled by Reuters on average had expected 6.8 percent growth in the April to June period against the same time previous year, compared to the first quarter’s 6.9 percent.

China’s economy lost momentum in the second quarter, a survey shows, as Beijing’s efforts to curb risky lending and investment took a toll on the Asian powerhouse.

“The Fed’s commitment to a gradual pace of interest rate hikes is maintaining supportive monetary conditions for emerging-market growth”, said Adams, who previously worked for the Conference Board in Beijing.

The Chinese authorities are targeting growth of around 6.5% this year, slightly lower than last year’s actual 6.7% which was the weakest in 26 years.

Over the half, China produced 419.75 million tonnes of crude steel, up 4.6% on the same period a year earlier.

He cited tightening policies in the property market and the government’s deleveraging campaign which may affect the second half of the year, he added. That fast expansion backed by price pressure would help boost corporate profits and government revenue, and help service or cut their debts.

It’s that time again: China’s second-quarter GDP growth beat analyst expectations on Monday, but markets stayed in the red, with little sign of strength even after the numbers surprised. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.