China economy grows 7.9% in Q2 as expected

16 July 2009 04:05  [Source: ICIS news]

SHANGHAI (ICIS news)--China’s gross domestic product (GDP) expanded at a faster clip of 7.9% in the second quarter with the aid of the government’s massive fiscal stimulus, official data showed on Thursday.

The year-on-year figure came in within expectations of most economists and was 1.8 percentage points higher than the 6.1% growth registered in the first quarter.

In the first half of the year, the world's third largest economy grew 7.1% year on year, based on data from the National Bureau of Statistics.

China has a two-year fiscal stimulus package totaling CNY4,000bn ($586bn), meant to ensure the economy grows at a decent pace despite the global recession.

($1 = CNY6.83)

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