China Posts Official GDP Growth of 6.9% for 2017

Official figures from the National Bureau of Statistics indicate that China’s GDP grew by 6.9% in 2017 to more than 82 trillion yuan (USD$12.76 trillion).

Initial figures from the NBS indicate that China’s GDP for 2017 was 82.7122 trillion yuan, for growth of 6.9% compared to 2016 in terms of comparable prices.

Year-on-year growth for the first two quarters of 2017 was 6.9%, easing to 6.8% in the final two quarters of the year.

Primary industry’s added value was 6.5468 trillion yuan for year-on-year growth of 3.9%, secondary industry’s added value was 33.4623 trillion yuan for year-on-year growth of 6.1%, while tertiary industry’s added value was 42.7032 trillion yuan, for year-on-year growth of 8.0%.

NBS Says Investment Structure Continues to “Optimise”

Full year national fixed asset investment for 2017 was 63.1684 trillion yuan, for year-on-year growth of 7.2%, and a deceleration of 0.9 percentage points compared to the preceding year.

Fixed asset investment by state-owned enterprises was 23.2887 trillion yuan, for a year-on-year increase of 10.1%, while fixed asset investment by private enterprises was 38.1510 trillion yuan for an increase of 6.0%, and an acceleration of 2.8 percentage points compared to the preceding year.

Real estate and housing

Full year national real estate development investment was 10.9799 trillion yuan, for a year-on-year increase of 7.0%, and an acceleration of 0.1 percentage points compared to the preceding year.

Residential housing investment increased by 9.4%, while the building construction starts floorspace was 1.78654 billion square metres, for growth of 7.0%, with the residential construction starts floorspace rising by 10.5%.

The national commercial housing sales floorspace was 1.695.08 billion square metres, for year-on-year growth of 7.7%, while the national commercial housing sales amount was 13.3701 trillion yuan, for year-on-year growth of 15.8%.

As of the end of December, the national commercial housing unsold floorspace was 589.23 million square metres, for a decline of 15.3% compared to the end of 2016.

Consumption growth holds steady

Full year social consumer good retail sales were 36.6262 trillion yuan, for year-on-year growth of 10.2%, and a deceleration of 0.2 percentage points.

The full year national online retail sales amount was 7.1751 trillion yuan, for year-on-year growth of 32.2%, and an acceleration of 6.0 percentage points compared to the previous year.

Imports and exports reverse two years of decline

Full year imports and exports for 2017 were 27.7921 trillion yuan, for year-on-year growth of 14.2% following two consecutive years of decline.

Exports posted year-on-year growth of 10.8% to reach 15.3318 trillion yuan, while imports were 12.4603 trillion, for year-on-year growth of 18.7%, and a trade surplus of 2.8716 trillion yuan.

Consumer prices see steady growth, industrial production prices rebound

Full year household consumer prices posted year-on-year growth of 1.6%, for deceleration of 0.4 percentage points compared to the previous year. Inflation was 1.7% in the cities and 1.3% in China’s rural ¬†areas.

Household income growth accelerates, rural income growth outpaces urban areas

The full year national per-capita disposable income for 2017 was 25,974 yuan, for nominal growth of 9.0%, and inflation adjusted growth of 7.3%, accelerating by 1.0 percentage points compared to 2016.

Urban per capita average disposable incomes were 36,396 yuan, for inflation-adjusted growth of 6.5%, while rural per capita average disposable incomes were 13,432 yuan, for inflation-adjusted growth of 7.3%, and a 2.71 fold urban-rural income disparity.

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