Date
19 January 2017
Premier Li Keqiang says consumption accounted for 60 percent of GDP growth last year, pushing the economy to US$10 trillion. Photo: Reuters
Premier Li Keqiang says consumption accounted for 60 percent of GDP growth last year, pushing the economy to US$10 trillion. Photo: Reuters

China posts 7% growth, services half of US$10 tln GDP

China’s gross domestic product (GDP) came in at more than US$10 trillion in 2015, with the economy growing “around 7 percent”, the government said over the weekend.

The services sector accounted for half of GDP, Reuters reports, citing Premier Li Keqiang.

Li said employment expanded more than expected, with 900 million people making up the country’s total workforce, including 150 million skilled professionals.

Consumption contributed nearly 60 percent of growth, Li said at the opening ceremony for the China-backed Asian Infrastructure Investment Bank (AIIB) in Beijing.

China’s fourth-quarter and full-year 2015 GDP figures are expected to be released on Jan. 19.

Analysts polled by Reuters said 2015 growth may have cooled to 6.9 percent, down from 7.3 percent in 2014 and the slowest pace in a quarter of a century.

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