China's Economy Grew 6.9% in 2017

China's Economy Grew 6.9% in 2017

CHINA'S economy grew a forecast-beating 6.9% in 2017, picking up steam for the first time since 2010 despite its battles against a massive debt and polluting factories, official data showed today.

In 2017, gross domestic product expanded 6.9%, the National Bureau of Statistics reported Thursday.

As the New York Times notes, China's quarterly growth numbers are "suspciously smooth", with outside economists often producing figures lower than those that are officially announced.

The data shows that the total amount of trade has increased 14.2% from a year earlier, hitting 27.79 trillion yuan, which reversed a decline of two consecutive years.

China's economy surged in 2017, posting a 6.9 percent increase from the year before - its first annual increase in seven years.

Analysts surveyed by the French Press Agency (AFP) had predicted 6.8 percent growth, which was better than the government target of around 6.5 percent.

Overall, Chinese foreign trade performed better than expected past year, with imports jumping 16% to USD1.8 trillion, while exports rose 7.9% to almost USD2.3 trillion, the General Administration of Customs said last week. Various signals suggest China's growth did speed up last year, which could give the government the room it needs to tackle an accumulation of serious financial, environmental and social problems this year.

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She said: "We're not out of the woods yet: high levels of debt can still affect China's growth further down the line". And the Chinese economy has been optimizing and undertaking tremendous transactions.

FILE PHOTO: Workers lay bricks to build a wall around a construction site in Beijing, China, December 15, 2017.

China's exports and imports growth slowed in December after surging in the month before, adding to signs of ebbing economic momentum.

Many economists, including Choyleva, believe Chinese officials understate how much prices rise in China.

The Chinese government also aims to maintain a 3% inflation target for 2018, Reuters cites the source as saying.

Several recent public revelations by regional governments of fraudulent government data have again raised doubts about the quality of China's economic numbers.

Looking ahead, Julian Evans-Pritchard, an economist at Capital Economics, said tight monetary conditions and slowing credit growth will continue to weigh on the pace of economic expansion in coming quarters.

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