China’s economy grows by 6.9 per cent

China’s economy grew 6.9 per cent in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a frenzied housing market that is showing signs of overheating.

Analysts polled by Reuters had expected the economy to expand 6.8 per cent in the first quarter, the same pace as in the fourth quarter of 2016.

 First-quarter growth was the fastest since the third quarter of 2015, with March data showing investment, retail sales, factory output and exports all grew faster than expected. The strong reading should help underpin wobbly global financial markets.

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