China posted better-than-expected growth in the second quarter, official data showed on Monday, but authorities warned that the world’s second largest economy faces external and internal risks. The economy expanded by 6.9 percent, the same as the first three months of the…
China posted better-than-expected growth in the second quarter, official data showed on Monday, but authorities warned that the world’s second largest economy faces external and internal risks.
The economy expanded by 6.9 percent, the same as the first three months of the year, according to the statistics bureau, and better than the 6.8 percent growth forecast by analysts polled by AFP.
« 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, » national statistics bureau spokesman Xing Zhihong said.
« However, we must be aware that there are still many unstable and uncertain factors abroad and long-term structural contradictions remain prominent at home, » Xing told reporters.
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 latest alert, Fitch Ratings on Friday said China’s growing debt could trigger « economic and financial shocks » even as it maintained its A-plus rating for the country.
