China’s economy grows 6.9% in first quarter of 2017

first quarter

MNA Business Desk: China’s economy grew 6.9 per cent in the first quarter of 2017, government data showed Monday, beating expectations in the latest sign of stabilization in the world’s second-largest economy.

“The national economy in the first quarter has maintained the momentum of steady and sound development,” the National Bureau of Statistics said in a statement.

The government has trimmed its 2017 GDP growth target to ‘around 6.5 per cent’ as the world’s second-largest economy, already expanding at the slowest pace in a quarter-century, faces an array of challenges.

The economy grew 6.7 per cent in 2016, its slowest rate since 1990. Beijing has said it wants to reorient the economy away from relying on debt-fuelled investment and towards a consumer-driven model, but the transition has proven challenging, leading to the slower growth readings in recent years.