China's economy 'off to a good start' after growing by 6.9% during Q1 2017

China's economy grew 6.9% during the first quarter of 2017, with GDP amounting to CN¥ 18tn (£2.085tn, $2.6tn), the National Bureau of Statistics of China reported on Monday (April 17).

The Bureau credited the government's commitment to reforms in economic development and the supply-side structure to helping the national economy "getting off to a good start" and "laying a solid foundation "for meeting the yearly growth target".

The tertiary sector of the economy, more commonly known as the services sector, registered the greatest growth at 7.7%.

Software, information technology, transportation, and postal services registered particularly high growth rates within the sector. The total value added from the tertiary sector accounted for 56.5% of the nation's GDP.

The Bureau reported a total trade surplus of CN¥ 450bn, with mechanical and electronic products still comprising the bulk of the exports with 58.1% of the total value. Exports to Kazakhstan and India registered the largest increases of 69.3% and 27.7% respectively.

"Generally speaking, the national economy in the first quarter has maintained the momentum of steady and sound development", the Bureau mentioned in a press release.

"Economic growth rate picked up slightly; structural adjustment was continued; innovation and development gathered speed; people's livelihood was improved steadily and effectively; positive factors were accumulated; all showing a good start of the national economy."

"However, we should also be aware that the conditions are still complicated abroad, that the structural contradictions are prominent at home, and that the momentum of stable but progressing economy should be further consolidated."