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China's economy maintains steady, sound growth in 2016

China's economy maintains steady, sound growth in 2016

Business Africa

China’s economy maintained a steady and healthy growth in 2016, indicating a good start for the country’s 13th Five-Year Plan period, a Chinese official said on Tuesday.

Head of the National Development and Reform Commission Xu Shaoshi made the remarks at a news conference in Beijing while briefing reporters on China’s economic development and supply side reform in 2016.

According to him, the Asian country’s economy was estimated to grow about 6.7 percent in 2016.

China's economic growth maintained a proper range and its industrial structure continued to improve. As it's known, our GDP (Gross Domestic Product) in Q1, Q2 and Q3 was 6.7 percent.

“China’s economic growth maintained a proper range and its industrial structure continued to improve. As it’s known, our GDP (Gross Domestic Product) in Q1, Q2 and Q3 was 6.7 percent and is expected to stay at 6.7 percent for the whole year,” he said.

He said they would soon release Consumer Price Index which is expected to rise about two percent for the whole year.

“In the first three quarters, service sector accounted for 52.8 percent of GDP growth, 13.3 percentage points higher than the secondary industry. Consumption contributed to 71 percent of the country’s economic growth, up 13 percentage points at the same period last year. The GDP energy consumption dropped about five percent. The emission of main pollutants continued to decline,” he added.

The world’s second largest economy producer price index (PPI) which measures costs for goods at the factory gate, reached a five-year high in December.

According to the National Bureau of Statistics, the reading rose 5.5 percent year on year, the highest reading since September 2011.

PPI for the whole of 2016 dropped 1.4 percent year on year. The pace of decline was 3.8 percentage points narrower compared to that of 2015.

The PPI figures came along with the release of the consumer price index, which rose 2 percent year on year in 2016, and gained 2.1 percent from a year ago in December.

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