The Chinese economy is growing faster than all expectations

Factory output grew by 7.6 per cent year on year the fastest rise in three months

Factory output grew by 7.6 per cent year on year the fastest rise in three months

As reported by Bloomberg, industrial output rose by 7.6 percent from a year earlier after it was estimated it would only grow by 6.5 percent.

Central banks around the world are focused on the persistent low inflation, and the PBOC is no different, with CPI inflation printing 1.5 per cent in June, largely in line with market expectations.

Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.

Part of China's economic health in the second quarter reflected robust exports, with demand beginning to recover in Europe and particularly the United States after a long period of depressed growth.

On the latter, the NBS said that overcapacity was "addressed in a well-ordered way" noting that capacity utilisation rates across the nation's industrial sector rose from a year earlier while real estate inventory "continued to be reduced".

Fixed asset investment year-to-date came in at 8.6%, the same as in May (consensus: 8.5%).

The figure of 6.9 percent between April and June was the same as the first quarter of 2017, and 0.1 percent above analysts' projections.

Retail sales increased by 11% compared to the previous year in June - the fastest pace of growth recorded in 18 months. Trade data released earlier showed export growth accelerated in May and June.

"The national economy performed within an appropriate range with more visible good momentum and achieved steady growth, rise in employment, stable prices, income growth and optimizing structures", said the NBS.

Despite an expected deceleration in the rate of growth, senior officials, nonetheless, have suggested in recent months that China could easily meet this year's GDP growth target of around 6.5 percent.

Economists warn the Chinese economy could cool further to 6.6 percent in 2017 despite the signs of a rebound.

Retail sales growth picked up to 10.8 percent in the second quarter from 10.0 percent in the first quarter, a Reuters calculation based on official data showed.

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