China’s economy sealed its first full-year acceleration since2010, underpinning global growth and giving authorities more room to purge excessive borrowing.
Gross domestic product increased 6.8 percent in the fourth quarter from a year earlier, compared with a 6.7 percent estimate in a Bloomberg survey.
Full-year growth picked up to 6.9 percent from 6.7 percent in 2016, the National Bureau of Statistics said.
Retail sales increased 9.4 percent in December from a year earlier, compared with a 10.2 percent forecast.
Industrial production rose 6.2 percent last month, versus a projected 6.1 percent.
Fixed-asset investment climbed 7.2 percent for the year, the least since 1999.
China’s rejuvenated expansion offers support for President Xi Jinping’s mission to defuse ticking debt bombs, one of Beijing’s top goals for the coming three years, along with reducing poverty and curbing pollution. Policy makers have picked the moment well, as the global upswing provides support in the form of strong demand for the nation’s exports.
In housing, data released Thursday show prices rose in the most cities in six months even as the government prolonged its campaign to curb speculation.New-home prices, excluding government-subsidized housing, in December rose in 57 of 70 cities tracked by the government, compared with 50 in November, the NBS said.
Premier Li Keqiang said earlier this month that the 2017 expansion was about6.9 percent, citing better-than-expected exports, fiscal revenue, household income and corporate profits.
Source : Bloomberg