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.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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