Chinese economy grew 6.7% in 2016

Chinese economy grew 6.7% in 2016

BEIJING:China’s economy was estimated to have grown about 6.7 percent in 2016, the country’s top economic planner said Tuesday.nnOn the other hand, India’s Gross domestic product (GDP) grew by 7.3% in the quarter ended September.nnThe world’s second largest economy registered the same growth rate in the first, second and third quarter last year, Xu Shaoshi, director of the National Development and Reform Commission, told a news briefing.nnConsumption accounted for 71 percent of growth in 2016, up 13 percentage points, Xu said.nnHe said the economy would exceed 70 trillion yuan (about 10.1 trillion U.S. dollars), an increase of 5 trillion yuan, and that the growth was remarkable among major economies.nnCiting a report by the International Monetary Fund, he said that China had contributed 1.2 percentage points, or over 30 percent, of the world’s economic growth in 2016, while the United States had accounted for 0.3 percentage points.nnSource: Xinhua

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