China’s economy grew faster than expected in fourth quarter of 2017

Beijing. January 19. Silkroadnews - China’s economy grew faster than expected in the fourth quarter of 2017 compared to the previous year, driven by growth of industrial sector, stable real estate market and strong export growth, Reuters reported.
“China’s gross domestic product grew 6.8 percent in the October to December period from a year earlier. That was better than the 6.7 percent growth forecast by analysts in a Reuters poll and unchanged from the previous quarter,” the report says.
The economy growth for the full 2017 year made 6.9% year-on-year, which is the fastest growth since 2010. The world’s second largest economy easily beat the target its government set to achieve 6.5% economic growth in 2017.
Despite overall growth, the economy also showed some signs of weakening dynamics, as companies faced higher borrowing costs due to the government’s effort to control growth in loan debts.
The growth of investments in fixed assets fell to the lowest rates since 1999 and amounted to 7.2% last year.
The growth of exports and imports in China slowed in December after growth in the previous month, which also serves as some signs of the economic growth slowing. In the meantime, bank lending in China declined in December, as the government continued the campaign on the financial risks reduction, though banks still managed to earn a record amount for the year.