Ma Yu | Xinhua | Getty Images
Workers assemble bassinets at a manufacturing unit in Fucheng County, north China’s Hebei Province.
That topped a consensus estimate of 6.7 percent year-over-year growth for the quarter, marking the third-straight quarter of 6.eight p.c progress for the world’s second-largest economic system.
Although the headline determine alerts a robust begin to the 12 months for China, there will probably be a “roll down in growth going forward,” mentioned David Fernandez, chief Asia economist at Barclays.
That is as actual property funding is anticipated to reasonable as the federal government goals to curb extreme hypothesis within the sector, Fernandez advised CNBC.
“They are trying to deleverage the economy, they are also trying to reign in some of that credit growth,” Sian Fenner, economist at Oxford Economics, mentioned Tuesday.
The tightening of financial coverage and exports “still being quite supportive of growth but not quite accelerating at the same pace,” will have an effect on progress in 2018, Fenner advised CNBC forward of the information launch.
Oxford Economic’s full-year GDP forecast for China is 6.four p.c, which is a tick down from round 6.5 p.c focused by Beijing.
China’s economy grew 6.9 percent in 2017, beating the official goal of round 6.5 p.c partially attributable to a synchronized international restoration.
China’s robust progress final 12 months got here regardless of widespread considerations about monetary dangers within the East Asian large amid a government-led financial restructuring. The world’s second-largest economic system has been combating debt for years because it tries to steadiness financial stability in opposition to the potential fallout from any sharp deceleration.