China's economy increases by 6.9% in 2017
As per the official data, the economy rate of China grew by almost 6.9 percent in the year 2017. It is observed to the first time in 7 years the pace of improvement has picked up. The figure surpass Beijing’s official annual expansion target of nearly 6.5 %.
China is considered to be a main driver of the global economy & even the better than expected data is likely to surprise investors all over the world. But many Chinese watchers believe that GDP numbers are much weaker than official numbers suggested by the authorities.
The governments of Inner Mongolia & biggest industrial city of Tianjin have agreed their economic figures for 2016 were overstated.
Chinese economy shows pleasant growth last year
Talking about the numbers at face value, the economic growth rate in 2017 is China’s highest increment in two years. And it indicates that for the first time the economy has increased faster than the last year since 2010.
However, as Beijing shows efforts to reduce the risky debt and meanwhile increase air quality, some analysts told that this may impact the growth of 2018.
The figures released on Thursday, also represented that in previous three months of 2017, the Chinese economy increased at an annual rate of 6.8 % which is higher than the analysts had been expecting.
Initially, it looks like stronger exports because the global economy picked up and the final spit of the government infrastructure investment surge helped to make the year 2017 better than expected.
Chinese figures can be so stable as in line with government targets which are hard to believe them.
It is observed that the China’s debt has increased significantly in recent years, with worrying figures around the local government loans, household and corporate debt as well as non performing bank loans.