(Yicai Global) July 17 -- China's gross domestic product (GDP) grew 6.9 percent year-on-year in the second quarter of this year, beating previous expectations.
The national GDP rose 6.9 percent in the second quarter, equaling the record for the previous quarter, China's National Bureau of Statistics (NBS) said yesterday. Yicai Global's monthly survey of chief economists last month projected the quarterly GDP growth at 6.74 percent.
From January through June, NBS noted, fixed asset investment grew 8.6 percent year-on-year; industrial added value rose 6.9 percent; total retail sales of consumer goods and fixed asset investment in the private sector increased 10.4 percent and 7.2 percent, respectively. Last month, industrial added value grew 7.6 percent, and total consumer goods retail jumped 11 percent.
However, there is still a considerable number of 'unstable factors' and uncertainties on foreign markets, and long-standing structural mismatches still pose a serious challenge to China's economy, the National Bureau warned. The government will expand total demand to a reasonable extent and effectively manage public expectations, aiming to achieve the full-year economic growth targets, it said.