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China's GDP up by 6.9% in Q1

Monday, Apr 17 2017
China's GDP up by 6.9% in Q1

The Chinese economy expanded at a faster pace in the first quarter, as government spending continued to fuel the expansion that many had feared would begin to slow in the new year. The National Bureau of Statistics said gross domestic product (GDP) expanded at an annualized 6.9% in the first quarter, up slightly from 6.8% in the previous three quarters and well within the government’s target range of 6.5% to 7%. Analysts in a median forecast called for quarterly growth of 6.8%. Compared to the fourth quarter, GDP expanded 1.3%, official data showed.

The world’s second-largest economy is coming off a year of slower but more consistent growth fueled by government outlays and cheap credit. By relying on traditional growth drivers and smokestack industries, Chinese policymakers averted a more protracted slowdown in the economy, which was widely anticipated after a disappointing 2015.

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