China Set To Achieve 7% Growth In H2, PBoC Chief Says

China's economy is set to achieve 7 percent growth in the second half of the year on rapid growth in household consumption, People's Bank of China Governor Zhou Xiaochuan said Sunday.

The economy grew at a slower pace over the past few years. Gross domestic product grew only 6.7 percent in 2016.

Thereafter, economic growth momentum rebounded as GDP climbed 6.9 percent in the first half of 2017, Zhou said at the G30 International Banking Seminar in Washington. The economy will grow 7 percent in the second half, he said.

The government targets around 6.5 percent expansion for the whole year of 2017. The National Bureau of Statistics is slated to publish third quarter GDP data on October 19.

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