|Rina S. |||Jan 23, 2017 01:59 PM EST|
(Photo : https://pixabay.com/en/work-chinese-industrial-1000618/) The fourth quarter spurt in the growth rate is the first instance in two years that China has experienced an uptick in economic growth.
China posted an unexpected surge in its growth rate during the fourth quarter of the previous year. Surpassing official estimates of 6.5 percent growth, the country's economy experienced a 6.8 percent growth. However, risks related to debt and asset price inflation persist.
China's economy growth rate stood at 6.7 percent for the whole year. According to data published by the National Bureau of Statistics on Friday, the fourth quarter growth rate surpassed the 6.7 percent growth rate shown in the third quarter.
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The data also showed that China witnessed a 1.7 percent growth on quarter-over-quarter basis in the last three months of the year, while the third quarter had seen a 1.8 percent increase on QoQ basis. The renewed vigor of China's economic growth rate is likely to continue until next year.
The fourth quarter spurt in the growth rate is the first instance in two years that China has experienced an uptick in growth. In 2017, China is expected to face pressure domestically as well as internationally. US President Donald Trump's administration is likely to toughen up its foreign trade strategies.
China's housing sector is expected to be the main growth driver of the country's economy. The Chinese real estate sector grew by 11.1 percent in the last month of 2016, surpassing the 5.7 percent growth rate recorded in November. However, various government initiatives have helped tp stabilize property rates.
China is reported to have set its target growth rate for 2017 at 6.5 percent. The government took this decision to promote economic stability in the country
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