BEIJING (China): China recorded its slowest rate of development in regarding green quarter of the century in 2016, data showed Friday, when the world’s second economy faces increasing protectionist sentiment.
The Asian giant is actually a key engine from the global economy and leaders are hoping to minimize the country’s heavy reliance on exports and infrastructure investment to drive growth in favour better consumer spending.
But the transition has proved bumpy, using the crucial manufacturing sector struggling in the face of sagging global interest on China’s products and excess industrial capacity leftover from an infrastructure boom.
Expansion in 2016 slowed to.7% from the previous year’s 6.9% pace, good National Bureau of Statistics (NBS).
Fourth-quarter growth, however, showed a small acceleration to six.8%, the trainer told us.
“China’s economy was inside a proper range with improved quality and efficiency. However, we have to be also conscious that the domestic and external the weather is still complicated and severe,” the NBS said in the statement.
Figures released within 24 hours showed industrial production rose 6.0% year on year in December as well as the full year, while retail sales increased 10.9 % within the month and 10.4% for 2016.
Fixed-asset investment, a gauge of infrastructure spending, expanded 8.1% over the 12 months.