China's 1Q economic growth ticks higher to 6.9 percent

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China's economic growth ticked higher to 6.9 percent in the first quarter of the year, according to the latest figures.

The official data released Monday show that the world's second-biggest economy grew at a slightly faster pace in the January-March period compared with the previous quarter's 6.8 percent expansion.

It's the second straight quarter that China's economy has accelerated, in a sign that a rebound is gaining momentum after last year's economic growth was its slowest pace in nearly three decades.

The rebound is being supported by government spending on infrastructure as well as a credit-fueled real estate boom.

In the first quarter, fixed asset investment expanded 9.2 percent compared with a year ago while retail sales grew 10 percent.

Beijing has set an official economic growth target of around 6.5 percent for 2017, down from last year's 6.8 percent growth.