ALSO READChina government researchers see 2017 GDP growth slowing, yuan falling China Q4 GDP grows 6.8 percent, slightly better than expected, but debt risks loom China's fourth-quarter growth seen steady at 6.7 percent amid heavy government support Preview - China Q1 growth seen steady at 6.8 percent on construction boom, investment boost China Q3 GDP grows 6.7 pct as expected as construction booms, debt rises
BEIJING (Reuters) - China's economy grew 6.9 percent in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a frenzied housing market that is showing signs of overheating.
The first-quarter growth pace was the fastest since the third quarter of 2015.
The government is aiming for growth of around 6.5 percent in 2017, slightly lower than last year's target of 6.5-7 percent and the actual 6.7 percent, which was the weakest pace in 26 years.
While China's data has been largely upbeat so far this year, many analysts widely expect the world's second-largest economy to lose steam later in the year as the impact of earlier stimulus measures starts to fade and as local authorities step up their battle to rein in hot housing prices.
Gross domestic product (GDP) in January-March rose 1.3 percent quarter-on-quarter from the previous three months, compared with growth of 1.7 percent in October-December, the National Bureau of Statistics said on Monday.
Analysts had expected quarterly growth would ease marginally to 1.6 percent.
(Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Kim Coghill)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)