China's Q1 GDP grows 6.9 pct

CNC
Added On April 18, 2017

China's economy posted a forecast-beating growth rate in the first quarter of this year.
 
According to the National Bureau of Statistics, China's GDP grows 6.9 percent year on year in the first quarter.
 
The reading, the quickest increase in 18 months, was above the full-year target of 6.5 percent and the 6.8-percent increase registered in the fourth quarter of 2016.
 
According to the NBS, GDP reached 2.63 trillion U.S. dollars in the January-March period.
 
NBS spokesperson Mao Shengyong said the economy had achieved a rosy start this year and continued with stable and sound momentum in the first quarter as growth rebounded moderately and economic adjustment was steadily promoted.
 
GDP was up 1.3 percent on a quarter-on-quarter basis.
 
Beside the headline figures, other major indicators also showed a resilient economy.
 
The value-added industrial output expanded 6.8 percent year on year in the first quarter, compared with the 5.8-percent increase in the same period a year ago. The fixed-asset investment grew 9.2 percent, quickening from the 8.1 percent registered in the whole 2016.
 
The service sector rose 7.7 percent year on year in the first quarter, outpacing a 3-percent increase in agriculture and 6.4 percent in the secondary industry. It accounted for 56.5 percent of the overall economy.
 
Consumption, another significant driver of economic growth, contributed to 77.2 percent of the GDP increase in the first quarter.
 
Mao believes the Q1 data shows that China has laid a solid foundation to realize its full-year economic target.
 
The government trimmed this year's growth goal to around 6.5 percent last month from a range of 6.5 to 7 percent for 2016, a move expected to provide more wiggle room for reforms.
 
The world's second largest economy rose 6.7 percent year on year in 2016, the weakest annual expansion in 26 years but still an enviable pace around the globe.