China industrial production up 6% in 2016

China industrial production up 6% in 2016

In this photo taken Thursday, Jan. 19, 2017, a woman walks past lunar new year themed advertisements in Beijing, China.

China's economic growth sank to its lowest level in three decades in 2016 as Beijing braces for a trade battle with U.S. President-elect Donald Trump.

China's imports and exports in CY 2016 fell 0.9 percent and 6.1 percent in comparison to CY 2015.

Last week, the head of economic planning said that the conditions have been generally stable at the start of 2017.

Fiscal revenues were inflated by at least 20% during the period, and some other economic data were also made up, the People's Daily said.

Ning attributed the higher index to slower pension growth for some urban groups and the negative effect of falling grain prices on farmers' income. The year before that, 7.3%.

That's just as the government prepares for potential tension with Trump.

Data-watchers will also keep a close eye on whether fixed asset investments, a proxy for construction and infrastructure spending, have seen a meaningful bottoming, as growth stabilizes, the Mizuho Bank economists added. He said a "trade war" would harm all countries involved.

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Auto sales also are forecast to weaken.

For the fourth quarter ended in December, gross domestic product grew 6.8%, slightly outperforming the 6.7% predicted by economists.

Chinese leaders say they will make the economy more productive by giving private companies a bigger role, but last year's performance still relied on spending by the government and state-owned industry.

Last year's 6.7 per cent expansion came at the expense of 15.4 per cent loan growth, while outstanding credit likely rose to about 264 percent of GDP, fuelling concern about financial frailty, Bloomberg Intelligence economists Tom Orlik and Fielding Chen wrote in a report.

Real estate sales are booming, which has pushed up economic growth figures.

Reflation has been a bright spot as the producer price index snapped four years of deflation.

"The governor of Liaoning province, the only area in China in a recession, now says three years of recent economic figures were inflated - a rare official confession of data fabrication that has always been suspected and criticised", the Caixin magazine reported. For the full year, China's GDP grew 6.7%, the slowest in 26 years-but within the government's target range of 6.5% to 7%. But it warned rising debt increases the risk of a sharper slowdown.

On efforts to reduce overcapacity in the nation's coal and steel sectors, the NBS said it had "successfully fulfilled the task", noting output of coal dropped by 9.4% over the year, leaving it at a six-year low.

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