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China Says Its Economy Expanded 6.9% in 2017
China’s gross domestic product expanded by 6.9% last year compared with 6.7% in 2016, according to government data.
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China’s gross domestic product expanded by 6.9% last year compared with 6.7% in 2016, according to government data.
The uptick marks the first time since 2010 that the pace of China’s economic growth exceeded the previous year. The data show that the country’s economy, which grew by 6.8% in the third quarter, maintained the same rate in October-December.
But skeptics believe last year’s rate is weaker than reported. They note that the city of Tianjin and the province of Inner Mongolia acknowledge their economic data for 2016 was overstated.
Economists predict this year’s growth rate will ease as the central government takes steps to lower the national debt and continues its effort to reduce risky lending practices and speculative home buying.
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