China second-quarter GDP grows 6.7 percent year-on-year, slightly better than expected

Workers dry wolfberries at a yard in LinzeChina's economy grew 6.7 percent in the second quarter from a year earlier, steady from the first quarter and slightly better than expected as the government stepped up efforts to stabilize growth in the world's second-largest economy. Analysts polled by Reuters had predicted gross domestic product (GDP) would ease to 6.6 percent in the second quarter, which would have been the weakest since the global financial crisis, and had predicted a further loss of steam later this year. While fears of a hard landing have eased, investors fear a further slowdown in China and any major fallout from Brexit would leave the world even more vulnerable to the risk of a global recession.

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