China’s economy grew at 6.7 per cent in the first quarter of 2016, down slightly from the end of last year but comfortably within the government’s targeted range, as housing and infrastructure cushioned a slowdown from financial services.
The latest growth figure for gross domestic product growth is the slowest since the depths of the financial crisis in the first quarter of 2009 and down from 6.8 per cent in the fourth quarter. Economists had expected 6.7 per cent growth, according to a survey by Wind Information, a Chinese financial data provider. In March, China’s parliament approved a full-year growth target of 6.5-7 per cent, down from last year’s target of “around 7 per cent”.
Still, the data add to a picture of a Chinese economy that is broadly stabilising after a slowdown in the second half of last year. The International Monetary Fund recently revised its full-year growth forecast up to 6.5 per cent from 6.3 per cent. Trade data released on Wednesday showed imports and exports beating expectations in March.