China’s economy expanded 6.9 per cent in the second quarter, the same as the previous three months but still comfortably above the government’s target as unexpected strength in the real estate market kept growth humming.
After 6.9 per cent growth in the first quarter, the economy is on track for its first year-on-year acceleration since 2010. Growth was 6.7 per cent last year. In March, China’s rubber-stamp parliament approved a full-year growth target of “around 6.5 per cent”.
In the medium term, however, risks from rising debt and overcapacity in large swaths of the manufacturing sector still loom over the economy. Many worry that the property market is in a bubble, particularly in the biggest cities.
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