(Yicai Global) Jan. 19 -- China's gross domestic product growth last year exceeded expectations, hitting over CNY80 trillion for the first time. It also represents the first accelerated growth since 2010, showed data released by the National Bureau of Statistics. China's 2017 GDP figure will lay to rest the concerns that tightening regulatory controls in a number of areas would stall growth.
China's GDP totaled CNY82.71 trillion (USD12.92 trillion), up 6.9 percent year-on-year and 0.2 percentage points higher than that in 2016, NBS said yesterday. The chief economists surveyed by Yicai Global previously predicted an average 6.8 percent GDP growth for last year.
The added value of large-scale industrial enterprises above designated size in the country for the year grew 6.6 percent annually, higher than the average forecast of 6.53 percent emerged in Yicai Global survey. The country's investment in fixed assets reached CNY63.17 trillion, an increase of 7.2 percent from a year earlier, slightly higher than Yicai Global's 7.14 percent forecast.
China's real estate investment last year rose 7 percent, lower than 7.28 percent in Yicai Global survey, indicating that the central government's real estate regulatory policy was effective. Retail sales of consumer goods in China in the year increased 10.20 percent from a year ago, slightly less than 10.28 percent Yicai Global survey found.
Consumer price index (CPI) rose 1.6 percent over the previous year and producer price index (PPI) grew 6.3 percent, both in line with expectations, indicating that the central bank's monetary policy has been effective in reining in inflation.