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China's GDP grows 6.9% in Q1, beating expectations
Published on: 2017-04-18
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030China's economy expanded at higher-than-expected rate of 6.9 percent year-on-year in the first quarter of 2017.


GDP growth picked up during the first three months of the year, 0.2 percentage points higher than the growth rate in the same period of 2016 and above the market expectation of 6.8 percent.


Rapid industrial growth, robust consumption and a recovery in trade bolstered the economy in the first quarter of 2017, Mao Shengyong, spokesman of the National Bureau of Statistics (NBS), said at a press conference held in Beijing on Monday.


As China continues its supply-side structural reforms, value-added industry output in the first quarter grew by 6.8 percent, 1 percentage point greater than the same period the previous year.

031
The total profits of domestic major industrial enterprises grew 31.5 percent during the first two months of the 2017.


Tertiary industry and consumption expenditures were the key drivers of China's economic growth, contributing 56.5 percent and 77.2 percent, respectively, to first-quarter GDP, according to the NBS data.


The NBS also released other economic data such as retail sales and fixed-asset investment during Monday's press conference.


Retail sales of consumer goods, a key indicator of consumption, rose 10 percent year-on-year in the quarter.


Investment in fixed assets grew 9.2 percent year-on-year. Investment in real estate development rose by 9.1 percent year-on-year, 2.2 percentage points faster than the full-year growth rate in 2016, despite of local governments tightening restrictions for home purchases.


Mao said that the April's economic data will likely reflect recent measures to cool down the property market.

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