China’s GDP records 6.7 per cent growth in Q2

China’s GDP records 6.7 per cent growth in Q2

Beijing, July 15 (IANS) China, the world’s second largest economy, grew at 6.7 per cent in the second quarter of 2016, unchanged from the first quarter of the year, the National Bureau of Statistics said on Friday.

This is the lowest growth rate since 2009 and placed the country’s expansion during the first half of 2016 at 6.7 per cent year-on-year, Efe news reported.

NBS spokesman Sheng Laiyun attributed the data to complicated domestic and external conditions and downward economic pressure.

The services sector recorded the maximum growth between January and June at 7.5 per cent, ahead of industry, which grew at 6.1 per cent with respect to the same period last year, and the primary sector, at 3.1 per cent.

China’s Gross Domestic Product rose 1.8 per cent in the second quarter with respect to the first to stand at $5.1 trillion on June 30, according to the statistics bureau.

Meanwhile, inflation in the country during the first six months of the year, stood at 2.1 per cent while foreign trade was 3.3 per cent lower than a year ago.

Shen said the Chinese economy is showing signs of stabilising and has laid down a “solid foundation” for achieving the annual economic development target of between 6.5 per cent and seven per cent but warned that there was a need to continue with structural reforms announced by Beijing and optimise demand.

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