Economy stabilizing, data show

Service industries, internet businesses help fuel quarterly GDP increase of 6.7% year-on-year

New data show that the Chinese economy is stabilizing, thanks primarily to growth in the service industries and internet-based businesses, although the manufacturing sector remains weak.

The country's GDP growth in the first quarter did not continue to fall at a worrisome speed. The 6.7 percent year-on-year figure was lower by only 0.1 percentage point than the fourth quarter of last year.