Economic growth of China holds steady despite slowdown fears


China’s economy grew 6.9 percent in the second quarter from a year prior, faster than expected and in line with the first quarter’s growth.

Analysts polled by Reuters had expected that the economy would extend 6.8 percent in the April-June quarter, somewhat slower than the past quarter’s robust 6.9 percent pace.

The government is going for growth of around 6.5 percent in 2017, somewhat lower than a year ago’s actual 6.7 percent, which was the weakest pace in 26 years.

Numerous analysts expect the world’s second-largest economy to lose steam later in the year as policy measures to rein in red-hot housing costs and a fast build-up in debt take a greater toll on growth.

Gross domestic product (GDP) in April-June grew 1.7 percent quarter-on-quarter, compared with growth of 1.3% in January-March, the National Bureau of Statistics said on Monday.