China’s economy ended 2017 on strong footing, with a better-than-expected growth rate and improved structure, official data showed.
The country’s economy achieved 6.9 percent annual growth in 2017, beating market consensus of around 6.8 percent and the preset target of around 6.5 percent. And it is the first time that China’s expansion rate picked up since 2010, with GDP totaling 82.7 trillion yuan in 2017.
It’s not only the speed or quantity of growth that may make China a sustained engine for global economic expansion. With policymakers reiterating the importance of “high-quality growth,” China’s economy is entering a new era.
Upon breakdown, the data also indicated a better economic structure, with new growth drivers emerging and outdated capacity fading.
New-energy vehicles, the growth of industrial robots, solar power and integrated circuits outshone most other industries in terms of output, compared to mining and cement sectors which declined by 1.5 percent and 0.2 percent respectively.
“New growth drivers are increasingly important for the economy, contributing more than 30 percent of growth and 70 percent of new jobs,” Tang Jianwei, an analyst with the Bank of Communications, told Xinhua.