China Makes 30% Global Growth Contribution Following First GDP Uptick This Decade

The National Bureau of Statistics says that official GDP figures indicate the Chinese economy makes a 30% contribution to global economic growth in 2017.

NBS data indicates that China’s GDP posted year-on-year growth of 6.9% in 2017, for an acceleration of 0.2 percentage points compared to 2016 and the first growth acceleration logged since the started of 2017.

Beijing outlined a growth target of 6.5% for 2017 at the start of last year.

China’s GDP for 2017 was 82.7122 trillion yuan, breaching the 80 trillion yuan threshold for the first time.

NBS spokesperson Ning Jizhe (宁吉喆) said that its calculations indicate China made a 30% contribution to global growth last year, given that the country’s GDP increased by over 8 trillion yuan, or approximately USD$1.2 trillion, which is an an amount equal to the world’s 14th largest economy in 2016.

According to Ning the Chinese economy has already shifted from dependence upon investment as a growth driver to dependence upon both investment and consumption, with end consumption expenditures making a contribution to China’s economic growth of 58.8% last year, 26.7 percentage points ahead of capital.

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