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China reports its fastest economic growth in 7 years: bidirectional: NPR



China's manufacturing sector helped boost the country's GDP, according to statistics released on Thursday. Here, a worker at a Ford manufacturing plant uses a laptop computer next to the body of an automobile in an assembly line in Chongqing.

Shi Tou / Reuters


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Shi Tou / Reuters

China's manufacturing sector helped boost the country's GDP, according to statistics released on Thursday. Here, a worker at a Ford manufacturing plant uses a laptop computer next to a car body on an assembly line in Chongqing.

Shi Tou / Reuters

China is reporting its fastest economic growth in seven years, saying that its gross domestic product grew by 6.9 percent in 2017. It is the first time since 2010 that the speed of China's economic growth increased rather than decreased.

"The economy has achieved a stable and healthy development".

The statistics agency reports that the value of China's exports grew by almost 11 percent since 2016, while the combined value of imports and exports increased by 14.2 percent. China's trade surplus was reported at more than 2.87 trillion yuan, about $ 447 billion.

China's economy is the second largest in the world. According to the South China Morning Post, the expansion leads China's economy to "about two-thirds the size of the United States" last year, and with the current rate it could surpass it in the next decade. "

From Shanghai, NPR Rob Schmitz reports:

"Beijing's official GDP target for 2017 was around 6.5 percent, but economists began to expect higher growth at the end of the year, based on better-than-expected economic data due to a global recovery

China's target for 2018 is around 6.5 percent. The country has been struggling with debt for years, as it seeks to balance economic stability against the possible consequences of a sharp slowdown in monetary tightening, a decline in the real estate sector or a trade war with the United States. "

report cites a total population in mainland China of 1,390 million at the end of 2017.

Nationally, disposable income per capita grew to 25,974 yuan, about $ 4,044, an increase of 9 percent over 2016, with a real increase of 7.3 percent after deducting price factors.

While the income gap between urban and rural households was still large -36,396 yuan ($ 5,667) in cities and 13,432 yuan ($ 2,091) in rural areas – despite the fact that rural incomes increased at a slightly higher rate in 2017. [19659017]
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