China GDP falls to 26-year low at 6.7%

The Chinese economy grew 6.7 per cent on year in 2016, the slowest pace of growth in 26 years, but well within the government's target range, official data said. Growth in the fourth quarter came in at 6.8 per cent, a boost from the 6.7 per cent in the third quarter, according to the National Bureau of Statistics data. Gross domestic product totalled 74.41 trillion yuan in 2016, with the service sector accounting for 51.6 per cent. The data showed that major economic indicators softened last year, with industrial output growth slightly slowing to 6 per cent from 6.1 per cent in 2015. Urban fixed-asset investment continued to cool, rising 8.1 per cent year on year, compared with 10 per cent in 2015. Retail sales rose 10.4 per cent, down from 10.7 per cent in 2015.