China’s gross domestic product grew 6.9 per cent year-on-year while the retail sector rose 10.4 per cent in the first half of the year, data from the National Bureau of Statistics (NBS) showed on Monday. The growth rate is well above the government’s target for the year of 6.5 per cent, reflecting a firming trend in the nation’s economy, Xinhua news agency reported.
The service sector expanded 7.7 per cent year-on-year in the first half, outpacing a 3.5-per cent increase in primary industry and 6.4 per cent in secondary industry, according to the NBS.
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.
The NBS also unveiled the growth of total investments in fixed assets during the first six months at 8.6 per cent compared to the same period of 2016, although it is 0.6 points lower than the first quarter of this year.
The agency also published the figures of real estate investment from January to June, which showed a decelerating trend as it is 0.6 points less than the figure recorded during the first quarter of the year, although it expanded by 8.5 per cent year-on-year.
The months of January to May recorded an 8.8 per cent rise, signalling a slowdown of the real estate sector that has seen excessive growth particularly in Chinese cities.