China: Despite Impressive GDP Growth, Economic Concerns Persist

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China is reporting its fastest economic growth in seven years, saying its gross domestic product grew by 6.9 percent in 2017.

According to the bureau's statement, China's per capita disposable income grew 7.3% in real terms while industrial production rose 6.6% past year.

Local government debt expanded again in China previous year despite Beijing's pledge to rein in a growing national debt load that has sparked fears of a financial crisis in the world's number two economy.

For the full year, China produced 32.27 million tonnes of aluminium, a rise of 1.6 percent from 2016, the data showed.

Fixed asset investment increased at a slower pace of 7.2% in 2017. This will, to some extent, affect financing of the real economy.

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The Chinese authorities set a target of 6.5 percent growth for 2017.

The robust economic expansion indicated stability after slowing down since China last posted double-digit growth in 2010.

Meanwhile, retail sales growth eased to 9.4% in December from 10.2% in November.

Risks to the Chinese economy in 2018 include trade protectionism as U.S. President Donald Trump's administration looks like to readdress the yawning trade gap between the two countries, Fenner added.

By comparison, in November, the sales increased by 10.2% and last month's forecast were for 10.1%.

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"I don't think retail sales can reflect the trend in consumption any more".

The head of China's statistics bureau Ning Jizhe told reporters on Thursday that China will look into reports of irregularities in regional economic data, and will deal with any impropriety according to the law.

Continued strong demand should help support China's exports, said Louis Kuijs of Oxford Economics.

Fixed-asset investment excluding rural households, a key driver of domestic demand, was up 7.2% past year, the weakest growth since 1999's 6.3%, NBS data showed.

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