BEIJING (Reuters) - China’s economic growth in 2016 was expected to be around 6.7 percent, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), said on Tuesday.
Consumption accounted for 71 percent of China’s GDP growth in the first three quarters of 2016, Xu told a media briefing in Beijing.
China’s government had targetted 6.5-7 percent economic growth in 2016. Activity was boosted by higher government spending, a housing rally and record high levels of bank lending, which, however, also led to an explosive increase in debt.
Reporting by Kevin Yao and Beijing Monitoring Desk; Editintg by Kim Coghill