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China Q1 GDP grows 6.7 % year on year, meeting expectations

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China's economy grew 6.7 per cent in the first quarter from a year earlier, meeting expectations and providing additional evidence that a slowdown in the world's second largest economy may be bottoming out.

[BEIJING] China's economy grew 6.7 per cent in the first quarter from a year earlier, meeting expectations and providing additional evidence that a slowdown in the world's second largest economy may be bottoming out.

Analysts polled by Reuters had predicted gross domestic product (GDP) in the world's second-largest economy would grow 6.7 per cent in the first quarter, easing from 6.8 per cent in the fourth quarter.

China's fixed-asset investment growth quickened to 10.7 per cent year-on-year in the Jan-March period, beating market expectations.

Analysts polled by Reuters predicted investment growth would come in at 10.3 per cent.

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Industrial output growth quickened to 6.8 per cent, surprising analysts who expected it to rise 5.9 per cent on an annual basis after a rise of 5.4 per cent in Jan-Feb.

Retail sales growth quickened to 10.5 per cent.

Analysts forecast they would rise 10.4 per cent on an annual basis after a rise of 10.2 per cent the prior period.

REUTERS

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