China's GDP grows 6.9% in 2017 first half

China's consumer price index rises 1.5 percent year-on-year in June 2017

China's consumer price index rises 1.5 percent year-on-year in June 2017

China's gross domestic product rose 6.9 percent in the second quarter from a year earlier, the same rate as the first quarter, the National Bureau of Statistics said on Monday.

"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", said the statistics bureau in a statement.

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

Likewise, retail sales growth accelerated to 11% in June from 10.7% in May, while growth was expected to ease to 10.6%.

The quarterly pace came up from 6.7 percent for the first three quarters of 2016 and 6.8 percent for the final quarter of previous year.

The statistics bureau said the result "provides a solid basis" for meeting the full-year growth target.

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

Last year, China's economy grew by 6.7 percent, which outpaced many nations but marked the country's slowest growth in more than a quarter of a century.

China eliminated around 120 million tonnes of low-end steel capacity in the first six months of this year.

Chinese Premier Li Keqiang said last month that the country could reach this year's economic growth targets. In the first half, retail sales advanced 10.4%.

Analysts expect that tighter restrictions on property purchases and bank lending will continue to weigh on the economy in the months ahead.

The service sector expanded 7.7 per cent year-on-year in the first half, outpacing a 3.5-per cent increase in primary industry and 6.4 per cent in secondary industry, according to the NBS.

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