China's second quarter growth beats expectations at 6.9%

Soy agreement is latest China-U.S. agreement in 100-day round

Soy agreement is latest China-U.S. agreement in 100-day round

"The national economy performed within an appropriate range with more visible good momentum and achieved steady growth, rise in employment, stable prices, income growth and optimizing structures", said the NBS.

The government is aiming for growth of about 6.5 per cent in 2017, slightly lower than last year's actual 6.7 per cent, which was the weakest pace in 26 years.

On a quarterly basis, China's growth improved to 1.7% in Q2 compared to past year.

Xing also noted, however, that China must be aware that there were "still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home".

Nomura Securities said in a report after today's data release that given the data, it is raising the forecast for the Q3 growth to 6.8 per cent from the previous 6.6 per cent, and the annual growth forecast to 6.8 per cent from 6.7 per cent.

On a quarterly basis, the economy grew 1.7 per cent in the second quarter from the previous quarter.

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Economists polled by Reuters expect the economy grew 1.7% between April and June-an annualised rate of 6.8%.

"(The new data) is encouraging for global growth as well because China is the second largest economy on the planet", said Craig James, chief economist at Commonwealth Securities in Sydney.

During January to June, fixed asset investment increased 8.6%, the same pace as seen in January to May period.

In the first half of the year, industrial production grew 6.9%. Banks would tighten their credit policy in the near term, risking the cash flows of some borrowers.

Meanwhile, retail sales in June increased by 11 per cent compared to the same month in 2016, and a month-on-month increase stood at 0.93 per cent.

President Xi Jinping called for tougher regulations to crack down on financial risks during a National Financial Work Conference, which sets the tone for reforms, according to the official Xinhua news agency.

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