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China's Q2 GDP flat at 6.7 pct.

TOKYO, July 15 (KUNA) -- China's economy grew 6.7 percent year-on-year in the second quarter, the slowest expansion rate in seven years, government said Friday. The growth of gross domestic product (GDP) in the April-June period was unchanged from the previous three months, which posted the weakest pace of expansion since the first quarter of 2009 due to the global financial crisis, according to the National Bureau of Statistics. But the index was still in line with the government-set 2016 growth target of 6.5 to seven percent," data showed. In the first half of the year, GDP of the world's No. 2 economy also rose 6.7 percent on the year. Chinese Premier Li Keqiang, who is currently in the Mongolian capital Ulanbaatar, said China is confident of achieving its main full-year development targets, state-run Xinhua News Agency reported. "The performance of the Chinese economy in the first half of the year was steady and in line with expectations. New economy is vibrant, new business forms are booming, and new growth momentum is accumulating," Li said in a keynote speech at the 11th Asia-Europe Meeting (ASEM) Summit shortly after the release of GDP. Li said that China's current government debt ratio is low while household savings rate is high, with still ample policy tools available. "China will unswervingly stick to the reform and open-up policy, and push forward its structural reforms, especially supply-side structural reforms," the premier said. (end) mk.hb

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Publication:Kuwait News Agency (KUNA)
Geographic Code:9CHIN
Date:Jul 15, 2016
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