BEIJING, Oct. 19 -- China's economy grew 6.7 percent in the third quarter of 2016, holding steady from the second quarter and fueling hopes that the Chinese government will achieve this year's GDPtarget.

The figure, released by the National Bureau of Statistics (NBS) on Wednesday, remained within the government's targeted range of between 6.5 and 7 percent for 2016.

On a quarterly basis, the economy increased 1.8 percent from the second quarter.

GDP expanded 6.7 percent year on year in the first three quarters of 2016 to reach 52.997 trillion yuan (7.87 trillion U.S. dollars).

NBS spokesperson Sheng Laiyun said China's economy grew steadily with progress made and quality improved, as a result of appropriately expanded aggregate demand, the supply-side structural reform, positive development anticipation and accelerated fostering of new drivers.