China's economy is expected to grow 7% in the second half of 2017, after expanding 6.9% in the first half, People's Bank of China Governor Zhou Xiaochuan said in a statement published on the bank's website on Oct. 16.

Zhou cited the rise in household consumption as the main reason behind the economic expansion.

Beijing has a GDP growth target of about 6.5% for 2017. The central bank chief's estimate implies a full-year expansion of about 6.95%, which exceeds the annual growth rates in 2015-2016, Reuters said.

China is expected to release its third-quarter GDP report on Oct. 19.