(Radiocor) The Chinese GDP rose by 1,7% in the second quarter and by 6,9% on a yearly basis.
Despite the government's efforts to contain debt, according to data released by the National Statistics Office, GDP has grown above the expectations of analysts and the targets set by the government itself, which aims for a growth of 6,5%. "The national economy has maintained a regular and stable pace in the first half which ensures the achievement of the annual target," said National Statistics Bureau spokesman Xing Zhihong, while confirming concern about "the numerous factors of instability and uncertainty abroad” as well as the “long-term structural contradictions” affecting the Chinese economy. Among these, the heavy debt. Moody's downgraded China at the end of May for the first time in 28 years and the IMF reproached Beijing for looking too much at short-term growth instead of financial recovery.
