BEIJING – China’s GDP grew 6.9 percent during 2017, a 0.2 percent rise over last year, the National Bureau of Statistics announced on Thursday.
In the fourth quarter of 2017, the Asian country’s GDP grew 6.8 percent year-on-year.
The final GDP figure exceeds the growth target of 6.5 percent the Chinese government had set for the economy in 2017.
The official figures show that 2017 was the first year since 2010 in which the Chinese economy grew more than in the previous year, as in the six years after 2010, growth had gradually slowed down.
In nominal terms, China generated a total wealth of 82.71 trillion yuan ($12.86 trillion) during last year, which is an 11.2 percent increase over the 74.4 trillion yuan of 2016.
Moreover, retail sales in China grew by 10.2 percent in 2017 while industrial production increased by 6.6 percent, according to the NBS.
China’s fixed-asset investment rose 7.2 percent and real estate investment grew 7 percent during 2017.