Monday, 18 November, 2019


China first-quarter GDP grows 6.8 pc, slightly more than expected

China first-quarter GDP grows 6.8 pc, slightly more than expected China first-quarter GDP grows 6.8 pc, slightly more than expected
Conrad Doyle | 18 April, 2018, 18:58

Beijing, (UrduPoint / Pakistan Point News - 17th April, 2018): the Chinese economy saw a solid start to the year with a-6.8-percent growth in the first quarter, official data showed on Tuesday.

Final consumption contributed to 77.8 percent of the economic growth, up from 58.8 percent a year ago.

BEIJING-China's economy expanded at a faster-than-expected 6.8% in the first quarter, buoyed by robust sales at home and overseas and ramped-up industrial production.

That's positive news for Beijing, giving policymakers room to further reduce risks in China's financial system and rein in pollution without stalling economic growth.

In 2017, China's economy expanded 6.9 percent from the previous year. There was a 35 percent rise in online shopping compared to the same period past year.

The data showed investment in real estate development rose 10.4 percent from a year earlier, while fixed asset investment, including spending on infrastructure, rose 7.5 percent.

March retail sales rose 10.1 percent from a year earlier, the strongest pace in four months, with consumers buying more of nearly everything from cosmetics and clothing to furniture and home appliances.

Retail sales of consumer goods logged a year-on-year increase of 9.8 percent.

The economy's performance remains comfortably above the 6.5 percent annual growth target set by the Chinese government.

Despite a more upbeat view of the first quarter, economists still expect China's economic growth to slow to 6.5 percent this year, with a regulatory crackdown and a growing trade dispute with the United States seen as key risks, a Reuters poll showed.

On a quarterly basis, GDP in the first quarter grew 1.4 per cent, compared with revised growth of 1.6 per cent in October-December, the National Bureau of Statistics said.

This is the third straight quarter that China reports a growth rate of 6.8%.

Ninety percent of respondents said that the trade dispute will be damaging to China's economy.

Industrial output growth also slowed to 6% from a year ago, down from the 7.2% for the January through February period.

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