China is confident economy grew 6.7% in 2016

China is confident to have reached an economic growth of 6.7 per cent in 2016, within a targeted range set earlier in the year, Vice-Finance Minister Zhu Guangyao said on Sunday.

China’s economy expanded at a steady 6.7 percent in the first three quarters last year, and Zhu said he was confident the growth rate would have reached the same level or more in the fourth quarter of 2016. Zhu’s remarks were made at a forum held by Tsinghua University in Beijing. China, which had been aiming for a 6.5-7 per cent economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year, which, however, also led to an explosive increase in debt.

Many analysts believe growth was lower than official data suggests, but acknowledge that the construction boom significantly underpinned the economy.