China's economy grew 6.9 percent in 2017, ending the year on a positive note as official figures topped the government target of around 6.5 percent, the country's statistics bureau said on Thursday, January 18, 2018.
This is the first annual acceleration for the economy since 2010. The annual growth easily beat the government’s 2017 target of around 6.5 percent and quickened from 6.7 percent in 2016, the weakest pace in 26 years.
GNP volume record
China’s total GDP volume has exceeded 80 trillion yuan for the first time, recording 82.71 trillion yuan (US$12.89 trillion), Economic Information Daily reported. The newly released figure beats Beijing’s official annual expansion target of 6.5%. The data shows that the total amount of trade has increased 14.2% from a year earlier, hitting 27.79 trillion yuan, which reversed a decline of two consecutive years.
“The national economy has maintained the momentum of stable and sound development and exceeded the expectation with the economic vitality, impetus and potential released," National Statistics Bureau head Ning Jizhe said in a report.
"We should also be aware that there are still difficulties and challenges confronting the economy and the improvement of quality and efficiency remains a daunting task," Ning said.
U.S. economic growth
By comparision U.S. economy, which is doing better than in previous years, is predicted to grow between 2% and 3%. According to economists, a 2-3% GDP growth rate in the United States is in the “ideal range.” Kimberly Amadeo maintains that at that rate “unemployment is forecast to continue at the natural rate. [And] there isn't too much inflation or deflation. That's a Goldilocks economy.”