China's GDP up 6.9% in Q2

China's GDP up 6.9% in Q2

The country's gross domestic product grew 6.9% in the second quarter, according to government data released Monday, the same figure as the previous quarter and marginally higher than most forecasts.

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 past year.

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

"But worldwide instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains".

In the first half of 2017, the economy advanced 6.9%.

Economists in Reuters' poll forecast second quarter GDP to grow 1.7 percent from a quarter ago.

According to the bureau, industrial output rose 7.6 percent in June from a year earlier, compared with an estimated 6.5 percent.




Meanwhile, industrial capacity utilization stood at 76.4 percent in the first half, up 3.4 percentage points from a year ago.

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 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.

The Chinese government has sought to dampen soaring property prices in recent months by rolling out a host of restrictive measures, indicating real estate is a major contributor to economic growth.

Growth in both exports and imports was also higher than expected.

The ratings agency on Friday maintained its A+ rating on China with a stable outlook.

During January to June, fixed asset investment increased 8.6%, the same pace as seen in January to May period.

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