China's economy grows 6.9 per cent in second quarter, beating market expectations

China's economy grows 6.9 per cent in second quarter, beating market expectations”

The economy grew 6.9 percent in the second quarter from a year earlier - the same rate as the first quarter, the National Bureau of Statistics said.

Data from NBS showed that industrial output climbed 7.6% annually, faster then the 6.5% increase logged in the prior period.

The data showed that fixed assessment investment which includes spending on property construction and infrastructure, rose 8.6 percent in the first half of this year, down from 9.2 percent in the first quarter.

Investment grew 8.6 percent year-on-year in the first six months, down 0.6 percentage point from the first quarter.

The economy remains on track to meet the government's growth target of about 6.5% this year.

The result outpaced an expectation for 6.8% growth by economists polled by The Wall Street Journal. The nation's solid growth reinforces recoveries for commodity exporters and keeps 2017's pickup in global growth on track, said William Adams, senior worldwide economist at PNC Financial Services Group in Pittsburgh.

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.

Factory output also picked up in the second quarter, though the 6.9 percent growth for the first half was only a slight pickup from recent quarters.

Retail sales also impressed, lifting by 11% from a year earlier.

At a national financial work conference on Saturday, Chinese President Xi Jinping called for stronger financial regulation to contain risks.

Despite concerns of the fallout from risks in the financial system, analysts say stability is the word of the day ahead of a once-every-five-years Communist Party Congress coming in the fall when a leadership shuffle is expected.

"It is encouraging for global growth as well because China is the second largest economy on the planet". But growth is being pressured as Beijing tightens controls on bank lending to rein in a surge in debt levels.

The average rural residents' per capita disposable income reached 6,562 yuan in the first half, up 7.4 percent after deducting price factors, while that of urban residents increased 6.5 percent to 18,322 yuan.

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