China’s Economy +6.9% in 2017, Beats Forecasts

China’s Economy +6.9% in 2017, Beats Forecasts

China’s Economy +6.9% in 2017, Beats Forecasts

China’s economy finished Y 2017 on strong with a better-than-expected growth rate and improved structure, official data showed Thursday.

The world’s 2nd largest economy expanded 6.9% Y-Y in Y 2017, higher than the 6.7% growth registered in Y 2016, data from the National Bureau of Statistics (NBS) showed.

The reading marked the 1st acceleration in the annual growth pace in 7 years and was well above the official target of 6.5%.

“Major macroeconomic indicators all beat market expectations, pointing to economic stabilization,” said Ning Jizhe, head of the NBS.

Growth in Q-4 Y 2017 came in at 6.8%, unchanged from the rate seen in Q-3 Y 2017.

GDP (gross domestic product) totaled RMB Yuan 82.71-T or about US$12.84-T in Y 2017, with the service sector accounting for more than 50% of the total.

Consumption was the major growth driver, contributing 58.8% to GDP growth last year.

The strong growth was also helped by strong trade, which reversed a downward trend seen in the prior 2 years and contributed about 9% to GDP expansion in Y 2017.

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