China's economic growth accelerated in 2017

18 Jan 2018 10:55 AM

China's gross domestic product (GDP) in the fourth quarter of 2017 grew by 6.8% yoy against expectations of 6.7%. The latest data issued by the National Statistics Office are as follows:

  • Quarterly GDP growth of 1.6% against expectations of 1.7%.
  • Retail sales rose year-on-year in December by 9.4% against expectations of 10.2%.
  • Industrial production rose 6.2% against expectations of 6.1%.

The comments of the Bureau of Statistics on the data as follows:

  • Economic performance is improving better than expected.
  • The economy is improving at a steady pace throughout 2017.
  • Consumption contributed 58.8% to GDP in 2017.

The Chinese government has been targeting growth rates of 6.5% over the past year. After the release of today's data, investors' confidence in the Chinese economy rose as the economy grew faster than expected.

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