China's economy expands 6.9 pct in 2017, beats forecasts
January 19,2018 By:Xinhua
Jan. 19, 2018 -- Ning Jizhe (C), head of the National Bureau of Statistics, speaks at a press conference held by the State Council Information Office on China's economy in 2017 in Beijing, capital of China, Jan. 18, 2018. (Xinhua/Li Xin)
Jan. 19, 2018 -- China's economy ended 2017 on strong footing with a better-than-expected growth rate and improved structure, official data showed Thursday.
The world's second largest economy expanded 6.9 percent year-on-year in 2017, higher than the 6.7 percent growth registered in 2016, data from the National Bureau of Statistics (NBS) showed.
The reading marked the first acceleration in the annual growth pace in seven years and was well above the official target of around 6.5 percent.
"Major macroeconomic indicators all beat market expectations, pointing to economic stabilization," said Ning Jizhe, head of the NBS.
Growth in the fourth quarter came in at 6.8 percent, unchanged from the rate seen in the third quarter.
Gross domestic product (GDP) totaled 82.71 trillion yuan (about 12.84 trillion U.S. dollars) in 2017, with the service sector accounting for more than half of the total.
Consumption was the major growth driver, contributing 58.8 percent to GDP growth last year.
The strong growth was also helped by robust trade, which reversed a downward trend seen in the previous two years and contributed about 9 percent to GDP expansion in 2017.