Overall industrial production rose 7.6 percent in June from a year earlier, the government announced on Monday morning, an unexpectedly faster tempo than in May's 6.5 percent. "So I think the People's Bank of China just continues to be watchful".
With two quarters of GDP expansion at 6.9 percent against a lower full-year target, the Chinese government will now have greater tolerance of slower growth in the second half of the year, said Aidan Yao, emerging Asia economist at AXA Investment Managers.
China's economic growth held steady in the latest quarter, boosted by unexpectedly strong trade and consumer spending, despite fears tighter lending controls aimed at cooling a surge in debt are weighing on commercial activity.
Analysts had expected the world's second-largest economy to expand 6.8% in the April to June period.
The PBOC shifted to a modest tightening bias at the start of this year, guiding market interest rates higher during the first quarter, including immediately after the U.S. Federal Reserve raised rates in March.
"China's strong first half to the year won't last", Capital Economics China economist Julian Evans-Pritchard said in a note. That was in line with the previous quarter and exceeded some forecasts.
Retail sales increased by 11% compared to the previous year in June - the fastest pace of growth recorded in 18 months.
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"Generally speaking, the national economy has maintained the momentum of steady and sound development in the first half of 2017, laying a solid foundation for achieving the annual target and better performance".
On a quarter-on-quarter basis, the GDP rose 1.7 percent in the second quarter.
Beijing is trying to rein in debt and a housing bubble with tough measures on the property sector and lenders.
Growth in both exports and imports was also higher than expected.
Industrial output gained 7.6 percent in June prior year beating analysts' expectation of a 6.5 percent increase.
NBS' spokesman Xing Zhihong also suggested further growth in rebalancing the economy this year saying upbeat changes in the economy will rise, with the trend of stable and improving growth strengthening and expanding even more.