China’s economy grows 6.9% in 2017
China’s economy accelerated for a second-straight quarter as investment picked up, retail sales rebounded and factory output strengthened amid robust credit growth and further strength in property markets.
According to official data, China’s economy grew by 6.9% – the first time in seven years the pace of growth has picked up.
The figure beats Beijing’s official annual expansion target of about 6.5%.
China is a key driver of the global economy and so the better-than-expected data is likely to cheer investors around the world.
But some commentators will be quick to dismiss today’s official figures as being made up by the Chinese government and to suggest that the real situation is much worse.
Taking the figures at face value, the 2017 growth rate is China’s highest in two years. And it represents the first time the economy has expanded faster than the previous year since 2010.