BEIJING: China posted better-than-expected growth in the second quarter, official data showed on Monday, but authorities warned that the world’s second largest economy faces external and internal risks. “The national economy has maintained the momentum of steady and sound development in the first half of 2017, laying a solid foundation for achieving the annual target and better performance,” national statistics bureau spokesman Xing Zhihong said. Debt-fuelled investment in infrastructure and real estate has underpinned China’s growth for years but warnings of a potential financial crisis have spurred Beijing to clamp down. The government will continue to deleverage the economy through prudent monetary policy and by reducing leverage in state-owned enterprises, Xi said. Despite growing concerns about China’s financial risks, Premier Li Keqiang said last month that the country could reach this year’s economic growth targets.

Source: Manila Times July 17, 2017 03:00 UTC