The Chinese economy is growing faster than all expectations
Source: Business Insider on July 17, 2017 | David Scutt
Chinese economic growth topped expectations yet again in the June quarter with GDP expanding 6.9% from a year earlier.
The figure, marginally ahead of forecasts looking for an increase of 6.8%, was the tenth consecutive GDP report where the year-on-year growth rate was either in line with expectations or exceeded them by 0.1%.
An uncanny run of stability compared to other major economies over the same period.
For the quarter, China’s National Bureau of Statistics (NBS) said the economy grew by 1.7% in seasonally adjusted terms, in line with expectations but higher than the 1.3% increase reported in the March quarter.
"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.
"Generally speaking, the national economy has maintained the momentum of steady and sound development in the first half of 2017, laying a solid foundation for achieving the annual target and better performance."
The Chinese government previously stated that it is aiming for a minimum growth rate of 6.5% this year, a result that looks more than achievable given the strength seen in the first half of the year.
The NBS said that GDP for tertiary industries — predominantly services — grew by 7.7%, outpacing growth in the nation’s secondary (industrial) and primary industries of 6.4% and 3.5% over the same period.
Despite the strong result, the NBS said that that there are "still many unstable and uncertain factors abroad and long-term structural contradictions remain prominent at home."