China’s economy will this year have grown slightly faster than some analysts had expected, said the Asian Development Bank (ADB) in a statement on Thursday.

It noted private consumption had continued to expand in that country thanks to economy-supporting measures by the Government.

In its latest Asian Development Outlook report, the lender said China’s economy would grow 6.9 percent this year, compared to the 6.8 percent it forecast in September. The bank maintains its 2016 prediction of 6.7-percent expansion.

“Despite a recent stock market correction, private consumption continues to be the bright spot,” the ADB stated. “The [Chinese] Government has provided targeted support to stabilise growth and [has] made further progress with gradual structural reform,” it added.

But the ADB warned: “Investment growth remains weak… under a substantial housing [market] overhang and persistent excess capacity in industry.”

China has cut interest rates six times since November last year as part of Government efforts to boost the economy. In the first nine months of this year the Chinese economy grew 6.9 percent judged year-on-year.