China second-quarter GDP growth slows to 6.7 percent year-on-year, in line with expectations

July 16, 2018

BEIJING (Reuters) – China’s economy grew 6.7 percent in the second quarter of 2018 from a year earlier, official data showed on Monday, in line with expectations.

The data points to a modest slowdown in the world’s second-largest economy, as the government’s multi-year efforts to tackle debt risks begin to weigh on growth and a trade war with the United States threatens exports.

Analysts polled by Reuters had expected gross domestic product (GDP) to expand 6.7 percent in the April-June quarter, slowing only marginally from 6.8 percent growth in the previous three quarters.

The economy has already felt the pinch from a multi-year crackdown on riskier lending that has driven up corporate borrowing costs, prompting the central bank to pump out more cash by cutting reserve requirements for lenders.

On a quarterly basis, GDP in the second quarter grew 1.8 percent, compared with growth of 1.4 percent in January-March, the National Bureau of Statistics said.

Analysts had expected growth of 1.6 percent on a quarterly basis.

(Reporting by Kevin Yao and Cheng Fang; Editing by Shri Navaratnam)

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