Chinese growth beats expectations at 6.9pc

Chinese growth beats expectations at 6.9pc

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.

Nonetheless, according to the research house's own China Activity Proxy, which was created to give more reliable readings, Chinese GDP was in fact little changed in the second quarter, slowing from a 6.5% pace to 6.3%.

"Everything shows that the economy is recovering and growing compared with past year", Huang Weiping, an economics professor at Renmin University, told dpa.

Nevertheless, "it is a bit strange" that the growth exceeded many expectations, he said.

In the first half of the year, industrial production grew 6.9%.

China's economy grew 6.9 per cent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.

Factory output and retail sales clocked 7.6 and 11 per cent growth respectively.

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This was up from the 6 percent increase in the same period of past year, according to the National Bureau of Statistics.

In the first six months, crude oil output dropped 5.1 percent year on year to 96.45 million tonnes.

He said: "Boosted by both fiscal and monetary stimulus in 2016, China remains on track to meet the 6.5% to 7.0% economic growth target laid down by the ruling Communist Party".

China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse. Observers fear that surging debt could trigger a banking crisis or further slow the economy.

"It's a good time for corporates to cut excess leverage, especially for state-owned enterprises", Zhu said.

"It is therefore highly probable that authorities will use the resources and policy tools at their disposal to ensure a positive economic outcome", Citibank said in a note.

Fitch Ratings on Friday maintained its A-plus rating for the country but said its growing debt could trigger "economic and financial shocks".

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