China’s GDP may grow 6.9% in 2017

2018-01-14
Xinhua

BEIJING — Chinese experts say that China’s GDP growth may reach 6.9 percent in 2017.

Xu Hongcai, an economist with the China Center for International Economic Exchanges, said such a rate is attainable as performance has exceeded expectations.

The country’s economy expanded by 6.9 percent in the first two quarters of 2017 and slowed slightly to 6.8 percent in the third quarter. Overall growth for the first three quarters was 6.9 percent, above the government’s annual target at around 6.5 percent.

Foreign trade recovered last year, consumption demand remained steady and high-tech sectors became stronger, Xu said.

Foreign trade rose 14.2 percent year on year in 2017, ending two years of drops, the General Administration of Customs said on Jan 12.

The National Bureau of Statistics (NBS) is scheduled to release key economic data of China on Jan 18.

Ning Jizhe, head of the NBS, said at a forum held in Beijing on Jan 13 that the Chinese economy “showed sound momentum last year and did better than expected.”

On Jan 18, the bureau will release Q4 and full-year GDP figures along with a series of other economic indicators, including industrial output, fixed asset investment, retail sales and home prices in large cities.

The World Bank last month raised its forecast for China’s economic growth in 2017 to 6.8 percent, up from the 6.7 percent it projected in October, citing stronger personal consumption and foreign trade.

The International Monetary Fund also sees China’s 2017 growth at 6.8 percent.