China’s GDP growth rate in 2017 to be the lowest in over 26 years
Almaty. March 6. Silkroadnews – China’s GDP growth rate in 2017 will be the worst in over 26 years, RBC reports quoting Reuters.
“According to the project of plan for China’s social and economic development, in 2017 the country’s GDP growth target will remain within 6.5% range, the lowest in over 26 years”, Reuters wrote.
The National Development and Reform Commission of China reported, in 2017 China’s budget deficit will reach around 3% of GDP. In monetary terms, this number will amount to 2.38 trillion yuan (more than $345 billion).
The head of the State Council of the People’s Republic of China Li Keqiang noted, this year the Chinese government will proceed with active financial policy. Besides, Beijing intends to facilitate reforming and structural transformation of the economy.
In 2017 China’s steel production volume is expected to reduce by 50 million tonnes, coal production – by 150 million tonnes. Such a decline will occur as a part of a strategy on excess production capacity reduction in those industries where supply exceeds demand.
Last year China’s GDP growth amounted to 6.7% within the planned indicators range. The growth rate of 6.5% in 2017 matches the earlier forecast made by the International Monetary Fund.
In its report “Global Investment Strategies” in January Swiss investment bank Crédit called a possible slowdown in China’s GDP growth rate to 5% a “black swan” for the world economy, meaning a “black swan” as a hard-to-predict event characterized by severe consequences.
