China GDP growth hit 6.9% in 2017, the fastest since 2015 and beating the country’s expectation of “around 6.5%”, according to a statement released today by the country’s National Bureau of Statistics.
The country’s Q4 GDP growth reached 6.8%, surpassing the forecast of 6.7% by economists polled by Reuters.
Earlier this month, Premier Li Keqiang said the new expectation of economic growth was about 6.9%, driven by better-than-expected exports, fiscal revenues, corporate profits, and household income.
According to the bureau’s statement, China’s per capita disposable income grew 7.3% in real terms while industrial production rose 6.6% last year. Fixed asset investment was up 7.2%, 0.9 percentage point lower than last year’s.
In addition, retail sales of consumer goods grew 10.2% but its was 0.2 percentage slower than last year's growth.
The country also recorded a trade surplus of RMB 2781.6 billion (US$433 billion) in 2017, with export value expanding 10.8%.
Effort to curb debt risk might slow down growth in 2018
China aims to grow its economy by about 6.5% in 2018 as the country seeks to balance efforts to reduce debt risks while keeping its economy stable, according to a report by Reuters.
The proposed target—already endorsed by top leaders at a closed-door central Economic Work Conference during Dec 18-20—will be revealed at the annual parliament meeting in March, the report says.
Total debt in China amounted to 255.9 % of GDP in Q2 2017, according to Bank for International Settlements estimates.
To reduce the risk debt-related risk, a 6.5% of growth will be the target as the country favors stability, said an anonymous source quoted by Reuters.
The Chinese government also aims to maintain a 3% inflation target for 2018, Reuters cites the source as saying.