News

China GDP grows by 6.9 pct in second quarter

The Chinese economy grew at 6.9 percent in the second quarter, a rate above the Government’s annual target, according to data released by the National Bureau of Statistics of China.

Beijing approved a full-year growth target of “around 6.5 percent” in March after an annual rate of growth of 6.7 percent last year.

The strong growth comes as monetary policy has tightened and the property market slowed marginally.

The unexpected boost to growth has come from investment in new housing construction and an uptick in international trade, the Financial Times reports.

After posting a growth rate of 6.9 percent in the first quarter, the economy is on track to post annual growth for the first time since 2010.