China is confident economy grew 6.7% in 2016

China is confident to have reached an economic growth of 6.7 per cent in 2016, within a targeted range set earlier in the year, Vice Finance Minister Zhu Guangyao said on Sunday.

China's economy expanded at a steady 6.7 per cent in the first three-quarters last year, and Zhu said he was confident the growth rate would have reached the same level or more in the fourth quarter of 2016. Zhu's remarks were made at a forum held at Tsinghua University in Beijing.

China, which had been aiming for a 6.5-7 per cent economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year, which, however, also led to an explosive increase in debt.

 

Many analysts believe growth was lower than official data suggests, but acknowledge that the construction boom significantly underpinned the economy.

A government-run think tank said earlier this month that China's economic growth could slow to 6.5 per cent in 2017 from about 6.7 per cent in 2016.

Zhu also said the global economy would face some uncertainty this year amid worries about US policy changes after President-elect Donald Trump takes office on January 20.

During his campaign, Trump threatened to declare Beijing a currency manipulator and levy a 45 per cent punitive tax on all Chinese goods to reduce a massive US trade deficit with China.