China's GDP expands 6.7% in 2016

China's GDP expands 6.7% in 2016

The official data pointed to stronger retail sales, rising by 10.9 percent in December, while industrial production weakened to 6 percent growth.

Last year's 6.7 per cent expansion came at the expense of 15.4 per cent loan growth, while outstanding credit likely rose to about 264 percent of GDP, fuelling concern about financial frailty, Bloomberg Intelligence economists Tom Orlik and Fielding Chen wrote in a report.

The data showed that major economic indicators softened previous year, with industrial output growth slowing slightly to 6 from 6.1% in Y 2015.

Output rose 6.2 percent in November on-year.

"We assume that in 2017, policymakers will be focused on ensuring economic growth remains relatively elevated", said Rafferty.

On Friday, Beijing reported a 6.8 percent rise in gross domestic product (GDP) for the December quarter, slightly higher than the 6.7 percent median estimate predicted by a Bloomberg survey.

He added that China should maintain "medium to high-speed growth", with the country's leadership expected to allow growth of between 6-6.5% in 2017 amid efforts to contain debt levels, which he insisted were manageable despite warnings to the contrary by bodies such as the International Monetary Fund.

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Beijing has relied on repeated infusions of credit to prevent activity from slumping too fast, prompting warnings the run-up in debt could spark a financial crisis or drag on growth. The analysts had expected the quarterly growth would ease marginally to 1.7 percent. Chinese banks extended a record 12.56 trillion yuan ($1.82 trillion) of loans in 2016, half of which was in mortgage loans.

Adding to uncertainty is a painful flood of money out of the country, with an expected hike in USA interest rates leading investors to seek better returns, despite a series of measures aimed at stopping people removing their cash, sending the yuan to eight-year lows.

Meanwhile, another fresh data on Friday showed that the economic trend remained largely intact in December 2016.

"This is the third consecutive year of modest growth at constant exchange rates, and it represents a new normal in which luxury companies no longer benefit from a favorable market and free-spending consumers", Bain said in the report.

"There are already signs that the property market is starting to cool".

The corporate debt of the country has climbed to 169 percent of GDP with the worldwide institutions repeatedly urging Beijing to act quickly in order to tackle the problem to avoid a financial crisis.

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