China posts 6.9 percent GDP growth in H1

Chelsea West
July 17, 2017

The statistics bureau said the result "provides a solid basis" for meeting the full-year growth target of 6.5 percent or above.

China's nationwide survey-based jobless rate was below 5 percent in June, with 7.35 million new urban jobs created in the first half of the year.

Private investment accounts for about 60 percent of overall investment in China. Industrial output, which rose 7.6% from the same period previous year, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.

Chinese Premier Li Keqiang said last month that the country could reach this year's economic growth targets. So China's leaders have been eager to keep the economy growing briskly at least until then.

China has got the new week off to a good start, by releasing growth figures that beat City expectations.

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The services sector led the growth with an increase of 7.7 percent, while the manufacturing and the agriculture added 6.4 percent and 3.5 percent separately.

"Overall, the economy continued to show steady progress in the first half.but worldwide instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains", the statistics bureau said in a statement.

Consumer spending and trade growth both accelerated during the second quarter, helping to offset softening investment in factories, real estate and other fixed assets.

Despite efforts to slow down the housing market, property investment grew by 8.5% in the first half, which is up from the same period in 2016.

China's economy expanded by 6.9% in the second quarter of 2017 as against the earlier year, faster than predicted numbers and in line with the first quarter's growth. The string of growth will set the groundwork for the government to tackle economic challenges ahead of the re-selection of China's Central Committee later this year. Chinese exports rose only 9.1 percent in the second quarter.

Other reports by TheSundaySentinel

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