Saibal Dasgupta | TNN | Updated: Jan 20, 2017, 08.33 PM IST
BEIJING: China revealed that its economy has performed the worst in 26 years as it grew at the rate of 6.7 per cent of gross domestic product in 2016. The announcement comes hours before Donald Trump+ , who had vowed to take adverse measures against Chinese business, takes charge as the 45th US president tonight.
The country's GDP may be much lesser if the suspicion of fudged data is taken into account. One of Chinese provinces, Liaoning, recently admitted that it had be faking growth data between 2011 and 2014.
The competition with India, which raced ahead of China in GDP growth last year, will become interesting because New Delhi is expected to release last figures and the impact of demonetisation in the coming weeks.
The National Bureau of Statistics( NBS) defended China's gross domestic product+ which expanded 6.7 percent year-on-year in 2016 to reach 74.41 trillion yuan ($10.84 trillion), as "truthful and reliable".
Ning Jizhe, the NBS chief, added that "statistics departments on various levels will also be strengthening the law enforcement, supervision, and checks on figures" and "resolutely guarding and preventing" the fabricating of data.
"Generally speaking, China's economy was within a proper range with improved quality and efficiency," said Ning Jizhe in Beijing.
"However, we should also be aware that the domestic and external conditions are still complicated and the foundation for a stabilized but progressing economy should be further consolidated," he said.
Fixed-asset investment grew by 8.1 per cent year-on-year, 0.1 percentage point slower than that in the first three quarters. The total real estate development in 2016 rose by 6.9 per cent, 5.9 percentage points faster than last year.
China is printing its currency without any vision..... its going to implode very soon... china has much more external debt than USA, RUSSIA and EU combined.... we should be happy that INDIA has a much lower external debt..... all the wealth created in china goes only to 2 cities... shaghai and beijing.... i am really happy that INDIA is moving towards digitisation.... chinas model is flawed and will very soon prove disasterous.... we have to embrace technology and digitisation.... we can look at singapore and malaysia as a model for economic growth.....
China''s model is very or almost exactly like Singapore''s economic model.
• Navi Mumbai
DEVELOPED countries like China are expected to grow at a much slower pace than PERPETUALLY developing countries like India. Chinese GDP is nearly six times that of India which means that, at the same rate of 'GROWTH', China develops six times more in real terms. A Chinese style governance will lead to a growth rate of 20% or higher in India.
First check your facts and they write anything. China is a developing country and not a developed as you are saying. Your rest of the comment becomes irrelevant .
• Vikas Moudgil • NJ • 1 sec ago
Although not termed as a developed country but it is far more developed than India.. some parts of China I have been have similar infrastructure to that of US.. India is not developed because of its people, traffic sense in indians is one of the examples.. hating other countries don''t make you patriotic but, loving and caring your country and its people make you more patriotic, which is missing among Indians as compared to other countries..
Born In January
• ulhasdk • A Place Called Hell • 1 sec ago
China is not developed country..
China''s downfalls starts, US bans all counterfeit products.
To further gun down China''s GDP, say ''NO'' to Chinese products in India as well as it''s ''UC Internet browser''.
Corrupt Quit India
• Delhi • 1 sec ago
bad time for China.
Even lower when Pres Trump start work.
They will go down further. They are making friends like pak. Every child is taught to make good friends. What will happen if you make terrorists your friend. Ha ha ha.