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China posts weakest annual economic growth in 26 years

Monday, Jan 23 2017
China posts weakest annual economic growth in 26 years

China's huge economy grew at its slowest pace in more than a quarter century last year -- and 2017 is set to be even tougher. The world's second largest economy expanded 6.7% in 2016, according to official data released Friday, helped by a hefty dose of government stimulus. That's a slowdown from the 6.9% that China clocked in 2015. But it's right in the middle of Beijing's target range and a lot stronger than some doom-mongers had predicted at the start of last year, when fears of a sudden collapse in Chinese growth panicked global markets.

For the fourth quarter of 2016, the economy grew 6.8%, a hair faster than the 6.7% expected by most economists surveyed by CNNMoney. The Chinese government had to pull on a series of stimulus levers to keep the economy chugging along in 2016. Public investment in infrastructure skyrocketed and bank lending soared despite repeated warnings about the country's worryingly high level of corporate debt. Economists say that approach can't continue indefinitely. They expect growth to slow further to 6.5% next year.

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