China's economy showed surprising resilience in the second quarter, as Beijing's efforts to rein in financial leverage and property speculation had a smaller-than-expected impact on growth.
The economy expanded by 6.9% in the second quarter, unchanged from the first quarter, according to figures released on Monday by the National Bureau of Statistics. The result outpaced an expectation for 6.8% growth by economists polled by The Wall Street Journal.
Robust overseas shipments--reflecting renewed strength in the global economy--and solid consumption at home helped offset a slowdown in investment. The result leaves China well placed to meet its 6.5% growth target for the year, though concerns remain over how sharply the economy will slow in the second half.
On a quarter-over-quarter basis, China's gross domestic product grew 1.7% from the previous three months on a seasonally adjusted basis, the bureau added, compared with 1.3% in January-March, suggesting that momentum in the economy may be performing better than the year-over-year figures indicate.
The latest monthly industrial output, fixed asset investment and retail sales data, also released Monday, largely were in line with the GDP data.
--Grace Zhu and Liyan Qi
(END) Dow Jones Newswires
July 16, 2017 22:16 ET (02:16 GMT)
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