(Yicai Global) Jan. 20 -- China was probably the fastest-growing major economy last year despite expanding at its slowest pace in more than a quarter century.
The world's second-largest economy grew 6.7 percent in 2016 from a year earlier, official figures showed today. It was the slowest pace since 1990, but in the middle of the government's target range.
China retook the top spot as India's economy braked after Prime Minister Narendra Modi's shrank the money supply by taking notes out of circulation. India's gross domestic product slowed to 6.6 percent last year, according to the International Monetary Fund's latest global economic outlook. Indian GDP expanded at a 7.6 percent clip in 2015, ahead of China's for the first time at 6.9 percent.
In 2016, the overall size of China's economy reached USD1.1 trillion, Ning Jizhe, head of the National Bureau of Statistics, said at a press conference today. It was also possibly the fastest growing, Ning added. He said consumption contributed about two-thirds to economic growth last year.
China's GDP has slowed amid a worldwide recession and as China's leaders steer the country away from a growth model rooted in resource-based manufacturing, investment and exports toward one focused more on domestic-driven services, private consumption and innovation. Growth averaged 9.85 percent from 1989 until 2016, reaching a high of 15.4 percent in the first quarter of 1993. Government measures including public works spending and stock market support helped to stabilise the economy in 2016 along with robust retail sales.
GDP gained 6.8 percent in the fourth quarter, faster than the first three quarters, according to the National Bureau of Statistics. That was slightly better than economists' forecasts.
Full-year fixed-asset investments gained 8.1 percent to CNY59.65 trillion (USD8.68 trillion) last year. Investment in real estate development rose 6.9 percent to CNY10.26 trillion.