China economic growth steady in second quarter


"Specifically, the year-on-year growth was 6.9 percent for the first quarter, and 6.9 percent for the second quarter", the bureau said in a statement. 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.

The Chinese government announced last week it would change the way it calculated economic growth for the first time in 15 years, adding healthcare, tourism and the "new economy" to the overall figure.

Economic growth in China was steady over the second quarter of the year, official data revealed.

This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

And it looks like the resulting cooling property sector is starting to flow through to economic growth, with fixed asset investment growth in May slowing more than expected.

That was unchanged from the previous quarter, and it exceeded expectations for a rise of 6.8 percent.

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It accelerated to 7.9 percent in June from a year earlier, compared to a 7.3 percent expansion in May, according to Reuters calculations based on NBS data.

And growth in both imports and exports also came in above expectations.

A consolidation of power could give Xi more clout to push through what analysts say are long overdue but painful reforms such as restructuring massive state firm debt.

"The national economy performed within an appropriate range with more visible good momentum", the National Bureau of Statistics said.

China's steel output rose 5.7 percent in June to a record 73.23 million tonnes, data showed on Monday, as mills in the world's top producer ramp up production due to fat profits from rallying prices. The latest numbers position the economy above Beijing's stated growth target for 2017.

China's fixed-asset investment from January to June was also up 8.6 percent in the first half of the year compared to average forecast of 8.5 percent.