China’s economy expanded at a slightly faster pace in the fourth quarter, backed by government spending and cheap credit, giving Beijing some breathing room heading into what is expected to be a volatile 2017. The National Bureau of Statistics said gross domestic product (GDP) expanded at an annualized 6.8% in the fourth quarter, up slightly from 6.7% in the previous three quarters and well within the government’s target range of 6.5% to 7%. Analysts in a median estimate forecast annual growth of 6.7% in October-December. Compared to the third quarter, GDP grew 1.7%, official data showed.
A surprisingly strong print on Friday would likely boostglobal financial markets, particularly commodities, which havealready been buoyed by China's record imports of crude oil, ironore, copper and soybeans. A weak outcome would likely raise the risk of morecapital outflows, adding pressure on the yuan currency, which last year hit 8-1/2 year lows. China recentlytightened curbs on outflows as its foreign exchange reservesfell to near six-year lows.
Last modified on Saturday, 21 January 2017
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