China’s economy continues to expand in Q4
The data showed that the country’s economy also expanded in 2016 as a whole by 6.7%. Although this rate of growth was in line with the government’s growth target, it was the weakest of 26 years.
The data also showed that the expansion of the Chinese economy in Q4 was mainly driven by the growth in retail sales, stronger consumer spending and property investment. The growth in China’s retail sales, which is also an indication of consumer spending, was by 10.9% in December on an increase in sales of car and cosmetics. This was the fastest pace of 2016. Property investment was also up by 11.1% in December on the back of a decrease in house prices in some major Chinese cities.
The Chinese economy had grown 6.9% last year, showing the slowest growth in twenty five years.
Despite the continued growth in 2016, risks remain from faster than expected US rate increases, rising debt levels and US-China relationships, especially with regards to Chinese exports, the economists argue.
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