China’s economy grew 4% in the second quarter of 2016, beating expectations, the country’s official statistics office said on Wednesday.
The economy grew at a 7.4% annualized pace in the first three months of the year, according to the National Bureau of Statistics (NBS).
The government said the growth rate is better than the average of 3.5% for the past decade, and more than double the 6.1% growth recorded in the preceding three months.
“China is one of the fastest growing countries in the world,” the bureau said in a statement.
“The world’s second largest economy is a strong and growing contributor to the global economic recovery.”
The NBS said the economy expanded by 3.9% in 2017 and 4.1%, the highest pace in more than a decade.
The pace of growth in 2018 was also higher than in the previous three months, the bureau added.
In 2016, the world’s fastest-growing economy was the United States, with its economy expanding by 3% in a year.
The United States accounts for over two-thirds of global GDP.
The Chinese economy is also the world leader in industrial output, the statistics office reported.
The Nbs said China’s industrial output grew at an annualized rate of 6.2% in Q2.
That’s above the 5.8% growth rate recorded in Q1, and nearly double the 4.3% growth in the corresponding quarter in the last quarter of 2015.
The China manufacturing output rose 4.4%, the fastest pace since the first quarter of 2017.
China has been a key growth engine for the global economy, especially for advanced economies, with China accounting for almost half of global output growth.