China’s stock market turmoil became one of the world’s biggest news as it may extremely affect the world global economy should stocks continue to slip. However, the re-set economic numbers were defeated as China showed a GDP increase by 7%.
Analysts predicted that China’s economy would dip from 7% in the first quarter down to 6.8%. China’s Bureau of Statistics claimed on Wednesday morning said the government had met its target for 2015 to have its GDP grow around 7%.
“The national economy has been running within proper range and the major indicators picking up steadily, showing moderate but stable and sound momentum of development,” China’s National Bureau of Statistics said in a statement.
Not all analysts have been impressed with the numbers. Analysts continued the argue that the numbers may have been manipulated and that Beijing’s statistics could not be trusted. Beijing had earlier been criticised for its conduct during the stock market slip.
China’s growth the previous year had fallen to 7.4%, the lowest it has had since 1990.
Chinese Chief Economist For UBS said the Chinese Stock Market crash did not deter the Chinese stock market and said that the planned reform of the Chinese government was still right on track.