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China GDP steady in second quarter, up 6.7%

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Staff Writer | July 15, 2016
China GDP
Chinese economy   According to the National Bureau of Statistics:

China's economy grew at a slightly faster pace than expected in the second quarter, according to the National Bureau of Statistics.

The world's second-largest economy expanded by 6.7% on the year, steady from the previous quarter and a touch ahead of economists' expectations for a slowdown of 6.6% growth.

Compared to the first quarter, gross domestic product was up 1.8%. The Chinese government has a growth target of 6.5% to 7% for this year.

"The Chinese economy has shown signs of bottoming out," said Naeem Aslam, chief market analyst at Think Markets.

Other figures from the National Bureau of Statistics showed industrial production in China rose 6.2% in June from a year earlier, up from 6.0% growth in May.

Meanwhile, fixed-asset investment rose 9% year-on-year between January and June, down from 9.6% growth in the first five months of the year.

Retail sales were up 10.6% in June compared to the year before, up from a 10% rise in May.

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