China’s second-quarter GDP grows 6.7 percent

Global Business

China's second-quarter GDP grows 6.7 percent

China’s steady growth bolstered Chinese Premier Li Keqiang’s optimistic message Friday. On an official trip to Mongolia, he told leaders at the Asia-Europe Meeting that “China’s new economy is vibrant, new businesses forms are booming and new growth momentum is accumulating.”

CCTV America’s Jessica Stone reports.

China\'s second-quarter GDP grows 6.7 percent

China's GDP grew 6.7 percent in the second quarter, beating expectations. CCTV America's Jessica Stone reports.

China’s economy grew 6.7 percent in the second quarter – the same as the last quarter.

The growth was better than many economists predicted and seems to point to stabilization in China’s economy.

Advanced industries like biotech and clean energy grew in double digits in the first five months of this year and the real estate markets have been rebounding.

However, investment growth in private and fixed-assets have slowed. “Investment confidence is low, because the investment threshold is too high,” spokesman of National Bureau of Statistics Sheng Laiyun explained. “And that it is still hard for small private companies to secure financing.”

Still, there is one bright spot for Beijing: a pickup in consumption and the services sector, which could indicate progress in the country’s efforts to re-balance the economy away from reliance on state investment, manufacturing and exports.

Dan McClory on China’s second-quarter GDP

For more on China’s second-quarter GDP and its economic outlook, CCTV America’s Rachelle Akuffo spoke to Dan McClory, managing director of Bonwick Capital Partners.