Recent report from China’s National Bureau of Statistics claims that the country’s economy has grown by 6.9% in the first quarter of 2017.
China’s National Bureau of Statistics disclosed that the economy maintained momentum from the second half of last year, “getting off to a good start in 2017 and laying a solid foundation for accomplishing the whole-year growth target”.
The growth rate, which compares expansion with the same three months in the previous year, was slightly higher than many economists had forecast.
Report gather also shows that state-led infrastructure spending and demand for new property significantly helped drive the country’s economy, which is now the second-largest economy in the world.
Last month China cut its growth target for this year to 6.5% from 6.7% in 2016.
Recently released figures also claim that there is a significant rise in domestic consumption. This was clearly shown in February 2017 retail sales, which jumped 10.9% from the previous year.
