China economic growth steady in second quarter

Factory output grew by 7.6 per cent year on year the fastest rise in three months

Factory output grew by 7.6 per cent year on year the fastest rise in three months

"Specifically, the year-on-year growth was 6.9 percent for the first quarter, and 6.9 percent for the second quarter", the bureau said in a statement.

While the economy steams along, the government is setting a wary tone: The front page commentary in the People's Daily, said China should not only be alert to "black swan" risks that catch people off guard but also more obvious threats. Analysts had predicted a slight cool-down in the second quarter, to growth of 6.8 percent. "Both are the same old growth drivers".

The Chinese economy expanded at a faster pace in the second quarter, with broad measures of economic growth picking up speed.

Forecasters expect economic growth to cool later this year as those credit controls take hold, depressing investment.

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At a national financial work conference on Saturday, Chinese President Xi Jinping called for stronger financial regulation to contain risks.

The figure of 6.9 percent between April and June was the same as the first quarter of 2017, and 0.1 percent above analysts' projections.

First, planned new investments have lost steam entering the year of 2017, suggesting that fiscal spending has been gradually fading.

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.

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The better-than-expected figures mean China is on track to beat the growth target of "around 6.5%" set by the country's leadership for the whole year.

The PBOC shifted to a modest tightening bias at the start of this year, guiding market interest rates higher during the first quarter, including immediately after the U.S. Federal Reserve raised rates in March.

The service sector, already accounting for 54.1 per cent of the overall economy, expanded 7.7 percent year on year in the first half, outpacing a 3.5 percent increase in primary industries and 6.4 percent in secondary industries, according to NBS data.

Trump has described the trade imbalances between the two countries as a "very, very big issue" that he would address. That was matched by Monday's data.

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