China's economic growth remains stable at 6.9% in the second quarter

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China's economy expanded at an annual 6.9% clip in the three months ending in June, the National Statistics Bureau (NSB) said, a rate that was modestly faster than the 6.8% pace anticipated by analysts but largely in line with the rate of growth over the first quarter.

Despite an expected deceleration in the rate of growth, senior officials, nonetheless, have suggested in recent months that China could easily meet this year's GDP growth target of around 6.5 percent.

"Overall, the economy continued to show steady progress in the first half...but global instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remain", a statement released by China's National Bureau of Statistics said.

Xing also warned that there are still uncertainties and instabilities internationally, while domestic long-term structural contradictions remain prominent. Chinese exports rose only 9.1 percent in the second quarter.

China's oil refineries ramped up throughput in June to the second-highest on record, with some independent plants raising output even as state oil majors prepare to take drastic steps to cut production during the peak summer season. China aims to create more than 11 million jobs this year, 1 million more than last year's target.

"Both the economy and the currency should help to ease investors' fears that China is going to the source of a further growth and financial market fright, after the volatility such worries caused in August 2015 and early 2016".

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And it looks like the resulting cooling property sector is starting to flow through to economic growth, with fixed asset investment growth in May slowing more than expected.

China has got the new week off to a good start, by releasing growth figures that beat City expectations.

According to NBS, 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.

The ratings agency on Friday maintained its A+ rating on China with a stable outlook.

"Growth overall was very robust", said Iris Pang, an economist at ING Bank NV in Hong Kong.

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