China’s economy, the world’s second largest, grew 6.7% year on year in 2016, the slowest pace of growth in 26 years but still within the government’s target range set for the year, official data showed on Friday.
Growth in the fourth quarter came in at 6.8%, accelerating from the 6.7% rise registered in the third quarter but still the slowest quarterly growth since the global financial crisis, figures released by China’s National Bureau of Statistics said.
The world’s second largest economy slowed down from 6.9% in 2015.
Its economy size: $9.96 trillion
However, China has revised the 2015 figures on January 9 under which the size of the world’s second largest economy was officially stated to be 68.91 trillion yuan ($9.96 trillion) up 354.6 billion yuan from its preliminary figure.
In Dollar terms however, the figure was less comparitively as yuan continued to decline sharply since last year trading around 6.90 to US dollar.
The 6.7% was in the range of 6.5 to 7% official target fixed by Chinese Premier Li Keqiang last year. Chinese President Xi Jinping has directed officials that the economy should not go down 6.5 %.
