BEIJING – China’s gross domestic product increased to 6.9 percent in the second quarter of 2017, a 0.2 percent increase year-on-year, China’s National Bureau of Statistics said on Monday.
The second quarter increase is identical to that recorded in the first quarter, and is slightly higher than analysts’ 6.8 percent forecast.
China’s GDP in the second quarter also increased by 1.7 percent compared to Q1, the official data added.
“The national economy has maintained the momentum of steady and sound development in the first half of 2017,” and these figures represent “solid foundation for achieving the annual target and better performance,” spokesperson and director-general of NBS, Xing Zhihong, said in a press conference.
The primary sector grew 3.5 percent year-on-year in the first half of 2017; the secondary, 6.4 percent and the tertiary, 7.7 percent, figures that will satisfy Chinese leaders who prefer an economic model based on domestic consumption and services.
Public investment is one of the main reasons why GDP has surpassed predictions, as state-owned companies invested 12 percent more than in the first six months of 2016, while private investment increased by 7.2 percent.
The Chinese government hopes to achieve growth of around 6.5 percent, after exceeding expectations with 6.7 percent for 2016, the country’s lowest figure since 1990.