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China Q2 economic growth beats estimates as stimulus shores up demand

China's economy narrowly beat estimates Friday with a 6.7 percent expansion on-year in the three months through June, as a string of stimulus measures from the government and the central bank helped shore up demand.

Economists polled by Reuters had anticipated a growth rate of 6.6 percent.

The headline figure from the National Bureau of Statistics was steady from the previous quarter's 6.7 percent pace.

Second quarter Gross Domestic Product (GDP) was up 1.8 percent from the first quarter, Reuters reported.

The Chinese government is aiming for growth of 6.5 to 7 percent this year, a slower pace than what the world's second-largest economy had got accustomed to in the past two decades.

China's economy is gradually transitioning to a greater reliance on consumption compared with a previous emphasis on manufacturing but the transformation hasn't been all smooth-sailing. For 2015, Beijing logged 6.9 percent growth, its slowest pace in 25 years.

The country's second quarter GDP figure was not unexpected, as China has been careful to prep markets for further signs of a gradual deceleration.

Chinese premier Li Keqiang said this week that the the Chinese economy was "basically stable,"...