China's GDP grows 6.9% in Q2 as industrial output, consumption pick up


China's economy expanded at a steady pace in the second quarter on domestic spending and exports despite measures taken to rein in financial risks. The increase for the second quarter was also 6.9 percent.

Thus, China managed to exceed its target of 6.5 percent growth, set by the government for 2017.

"Everything shows that the economy is recovering and growing compared with a year ago", Huang Weiping, an economics professor at Renmin University, told dpa.

The forecast of a gradual growth slowdown due to a weakening property sector and the possible moderation of domestic demand, as well as uncertainties over external demand remained valid, state-run Xinhua news agency quoted the report as saying.

"I don't understand how they can achieve such a good performance", he added.

Debt-fuelled investment in infrastructure and real estate has underpinned China's growth for years but warnings of a potential financial crisis have spurred Beijing to clamp down.

In the first half, the growth rate was also 6.9 percent, the National Bureau of Statistics (NBS) said in a statement.

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In the first half of 2017, the economy advanced 6.9%.

Industrial production climbed 7.6 percent on year, topping expectations for an increase of 6.5 percent - which would have been unchanged from the previous month.

During January to June, fixed asset investment increased 8.6%, the same pace as seen in January to May period.

Information technology was by far the fastest growing sector in the first quarter, a trend that's expected to have continued in the second-the National Bureau of Statistics will release a breakdown of growth by industry on Tuesday.

Risks loom, however, over the world's second largest economy. "The total debt ratio of Chinese enterprises has reached 156 percent of GDP, which might be the highest in the world".

"It is therefore highly probable that authorities will continue to use the resources and policy tools at their disposal to ensure a positive economic outcome", Citibank analysts said over the weekend.