FX.co ★ Chinese economic growth makes up 6.7% in 2016

According to the preliminary data provided by the National Bureau of Statistics of the People's Republic of China (NBS), China’s economic growth was at 6.7% in 2016.

As the NBS reported, China’s contribution to global economic growth exceeds 30%. That makes China the largest global growth engine.

The institution suggests a new tendency has been forming in China. Despite the national economic growth is slowing down, China’s GDP is still on the high level.

The chairman of the National Development and Reform Commission (NDRC), People´s Republic of China, Xu Shaoshi said that in 2016 the national economy expanded 5 trillion renminbi, exceeding 70 trillion renminbi, or $10.1 trillion. The International Monetary Fund (IMF) estimates that China’s impact on the global GDP was 1.2% in comparison with the 0.3% impact by the US.

The World Bank expects the global economic growth at 2.4% in 2016.