China Reports Its Fastest Economic Growth In 7 Years

China's Economy Posts First Growth Pickup in Seven Years

China's GDP growth hit 6.9% in 2017, beating analyst and government estimates

China's economy picked up steam in 2017 and grew by 6.9 per cent year-on-year, totalling about United States dollars 12.84 trillion and reversing the downtrend of the world's second largest economy since 2010, official data said here today.

"The risks that we anxious about in 2017, for example overcapacity cuts having a negative impact on GDP, did not happen because new sectors are actually coming out to help production to grow".

China's gross domestic product grew 6.8 percent in the October to December period from a year earlier.

The latest figure bodes well for Chinese President Xi Jinping's drive to achieve the goal of building a "moderately prosperous society" where all citizens can enjoy comfortable lives by 2021, the 100th anniversary of the ruling Communist Party's founding.

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Fixed-asset investment excluding rural households, a key driver of domestic demand, was up 7.2% previous year, the weakest growth since 1999's 6.3%, NBS data showed.

The robust economic expansion indicated stability after slowing down since China last posted double-digit growth in 2010.

"The government is making moves to make sure that, for one thing, (the country is) rebalancing away from investment (with) monetary tightening and policies for ensuring that financial risks are also reduced, which should also mean that investment actually does continue to slow this year", Fenner told CNBC.

The government has been trying to reconfigure the economy and maintain growth while reining in public debt and getting rid of polluting industries.

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Retail sales growth of 9.4 percent was the slowest rate since February 2006, down from 10.2 percent growth in November and badly missing forecasts. A year ago, Liaoning province in northeastern China revealed that local governments had padded their growth statistics from 2011 to 2014.

Noting that SOEs with their special privileges distorted the economy, he said SOE reform to improve economic efficiency "will be very important for the long-term future of the Chinese economy".

Premier Li Keqiang said last week that the economy would have expanded around 6.9% in 2017 and the economic situation is "better than expected". Some claim that the reported figures innaccurately reflect the true extent of China's recent downturn.

Threats to global trade may also begin to materialize, which would be a serious headache for China, the world's biggest exporter of goods.

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