|Girish Shetti |||Jul 15, 2016 10:56 AM EDT|
(Photo : Getty Images.) Chinese economy grew at 6.7 percent in second quarter of this year, narrowly beating the target of 6.6 percent set by most analysts.
The Chinese economy grew by 6.7 percent in the second quarter of the current financial year, according to data released by National Bureau of Statistics. The growth rate narrowly beats the expectations set by most analysts, who had pegged the growth rate at 6.6 percent.
The growth rate of 6.7 percent is well in line with the government's growth target of between 6.5 percent and 7 percent for the full year.
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The series of stimulus packages announced by the government and increased consumer spending have spurred the Chinese economy, according to Bloomberg. However, analysts now feel that the Chinese government may not announce any further stimulus packages.
Friday's data also showed that many other important economic indicators beat expectations of most analysts. Retail sales grew at 10.6 percent, as against 9.9 percent forecasted by most analysts. Industrial production jumped 6.2 percent, beating the forecasted estimate of 5.9 percent. However, Fixed-asset investment managed to grow by only 9 percent, as against the expected 9.4 percent.
Earlier this week, Chinese Premier Li Keqiang expressed assurance that overall condition in the Chinese economy is "basically stable." This made many economists believe that GDP figure would be much better than expected.
Despite Friday's GDP figures, most economists claim that economic recovery in world's second largest economy is still very far away.
Bloomberg quoted National Bureau of Statistics spokesman saying that economic environment remains "complex and grim." China's current economic crisis has been described by many economists as the worst crisis that the country has experienced in over two decades.
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