Asia
ECONOMY | Staff Reporter, China
view(s)

China's GDP growth increased by 6.9% in 2017

Two-thirds of its economic growth came from consumer spending.

For the first time since 2011, China’s GDP growth has escalated by 6.9%, according to a report from SC Global Research.

Results from Q4 2017 shows that GDP growth increased by 6.8%, which is above market expectations of 6.7%.

Further, about two-thirds of China’s economic growth comes from consumers, replacing investment as the previous largest growth driver for China.

“We believe consumer spending will remain solid in 2018, reflecting a tight labour market, recovering income growth, and strong consumer confidence,” SC Global Research said.

Industrial production growth moved up marginally to 6.2% y/y, whilst service production growth increased to 7.9% y/y. Additionally, electricity production rose by 6% y/y from 2.4% in November.

However, retail sales growth decreased from 8.8% in real terms to 7.9% y/y in December.

Here’s more from SC Global Research:

The registered unemployment rate – which excludes migrant workers – fell to 3.95% in Q3-2017, the lowest level in the past 15 years. The survey-based unemployment rate – which covers migrant workers – fell below 5% in 2017, the lowest level since the measure was introduced in 2013. The labour demand-to-supply ratio rose to 1.16 in September 2017, implying tightness in the market.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.