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China's economy grows 6.8% in first quarter China's first quarter growth beats expectations at 6.8%
(about 2 hours later)
China's economy grew 6.8% between January to March from a year earlier, according to official figures. China's economy grew 6.8% between January to March according to official data, slightly beating forecasts for the period.
The growth rate was slightly higher than forecast for the period, and is unchanged from the previous quarter. The growth rate compares expansion with the same three months in the previous year.
The latest GDP figures are also above Beijing's 2018 annual growth target of "around 6.5%".The latest GDP figures are also above Beijing's 2018 annual growth target of "around 6.5%".
China is the world's second largest economy but a reliance on borrowing has led to concerns about debt levels. The data shows resilience in the world's second largest economy, helped by strong consumer demand.
The growth data comes amid concerns about China's outlook for exports which has been clouded by rising tensions with the United States, its largest trading partner. But concerns about China's economy - including rising debt levels - remain.
But growth could be tempered as the government continues its push to restructure the economy and boost domestic consumption. The government has been fighting to contain ballooning debt and a housing bubble without hurting growth.
It is also fighting to contain ballooning debt levels and a housing bubble without hurting growth. Amy Zhuang, China economist at Nordea Bank in Singapore described the first quarter growth figures as "solid" but also said there are signs that the positive momentum is weakening, likely due to the cooling housing market.
The growth figures come amid concerns about China's outlook for exports which has been clouded by rising tensions with the United States, its largest trading partner.
Chinese growth data through 2018 will be closely watched for any impact of tariffs proposed by the US.
Many China watchers advise caution with China's official GDP numbers.
Julian Evans-Prtichard, senior China economist at Capital Economics said the official figures "need to be taken with a grain of salt as they have been implausibly stable in recent years".
"While we don't think China's economy is expanding as rapidly as the official figures claim, there is broader evidence to suggest that a recovery in industry did prevent growth from slipping too much last quarter."