China’s gross domestic product is estimated to have expanded around 6.7 percent in 2016, a high-ranking official said Tuesday, at a time when the world’s second-largest economy is showing signs of stabilization.
China’s economic growth remains within a “reasonable range” and the situation last year has proved that it is far from the possibility of a “hard landing” suggested by some experts, said Xu Shaoshi, director of the National Development and Reform Commission, who disclosed the GDP forecast.
Ahead of China’s official release later this month of its GDP data for the October-December period and 2016, Xu, who heads the country’s top economic planning agency, told a press conference that domestic consumption has been playing a greater role in spurring overall growth.
Thanks to the government’s ongoing economic reforms, he said, China’s industrial structure has been optimized and Beijing has “confidence, conditions and ability” to ensure a stable operation of its growth.
China’s GDP grew 6.7 percent in the first three quarters of 2016. The government set last year’s GDP target in a range of 6.5 percent to 7 percent.
The Chinese Academy of Social Sciences projected last month that the country’s economic growth will slow to 6.5 percent in 2017, citing possible slides in private investment, retail sales and external demand.
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