The country's economy achieved 6.9 percent annual growth in 2017, beating market consensus of around 6.8 percent and the preset target of around 6.5 percent. And it is the first time that China's expansion rate picked up since 2010, with GDP totaling 82.7 trillion yuan in 2017.
It's not only the speed or quantity of growth that may make China a sustained engine for global economic expansion. With policymakers reiterating the importance of "high-quality growth," China's economy is entering a new era.
Upon breakdown, the data also indicated a better economic structure, with new growth drivers emerging and outdated capacity fading.
New-energy vehicles, the growth of industrial robots, solar power and integrated circuits outshone most other industries in terms of output, compared to mining and cement sectors which declined by 1.5 percent and 0.2 percent respectively.
"New growth drivers are increasingly important for the economy, contributing more than 30 percent of growth and 70 percent of new jobs," Tang Jianwei, an analyst with the Bank of Communications, told Xinhua.
1GDP expands 6.9%
China's economic growth beat forecasts to reach 6.9 percent year-on-year in 2017, marking the first acceleration in seven years despite government measures to contain risk which should have dampened growth.
Analysts said as growth stabilizes, the country will strengthen regulations and reforms to pursue high-quality development.
GDP growth in the fourth quarter was 6.8 percent, unchanged from the rate seen in the third quarter, according to data released by the National Bureau of Statistics.
2CPI up 1.6%
China's consumer price index, a main gauge of inflation, rose 1.6 percent year-on-year in 2017 down from 2 percent for 2016, said the NBS in its report. The reading was lower than the yearly control target of 3 percent.
In December, the figure stood at 1.8 percent year-on-year, slightly up from 1.7 percent the previous month, according to the bureau. It also said the pickup was driven by an increase in non-food prices, which rose 2.4 percent year-on-year.
On a month-on-month basis, December CPI increased 0.3 percent from November, as food prices rose 1.1 percent from November.
3PPI surges 6.3%
For the whole year of 2017, producer price index, which measures costs for goods at the factory gate, climbed 6.3 percent from one year earlier, compared with a 1.4 percent drop in 2016, ending the declining trend for the past five years.
In December alone, producer price inflation rose 4.9 percent year-on-year, retreating from November's 5.8 percent, NBS data showed, as the government enhanced efforts to tackle pollution.
On a monthly basis, the figure was up 0.8 percent.
4PMI signals expansion
The purchasing managers' index, an indicator of manufacturing sector health, stood at 51.6 on average for 2017, 1.3 percentage points higher than the previous year.
And the figure in December came in at 51.6, decelerating from 51.8 in November, according to NBS.
A reading above 50 indicates expansion, while a reading below reflects contraction.
5Fiscal revenue up 7.4%
China's fiscal revenue rose 7.4 percent year-on-year to 17.3 trillion yuan in 2017 on the back of stronger than expected economic growth, markedly above the 4.5 percent revenue growth rate in 2016, according to the Ministry of Finance.
The central government collected more than 8.1 trillion yuan in fiscal revenue, up 7.1 percent year-on-year, while local governments saw fiscal revenue expand 7.7 percent to top 9.1 trillion yuan.
The ministry attributed the strong growth to the country's improving economy, rising industrial prices, effective supply-side structural reforms and other supportive policies.
6Industrial output grows 6.6%
China's industrial output expanded 6.6 percent in 2017, accelerating from 6 percent growth in 2016, official data showed.
The strong performance is largely attributed to the sharp growth of new manufacturing sectors such as industrial robots, according to the NBS.
Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan.
7Fixed-asset investment jumps 7.2%
China's fixed-asset investment grew 7.2 percent year-on-year in 2017, 0.3 percentage points slower than that recorded in the first three quarters, and 0.9 percentage points slower than a year earlier, the NBS said.
In 2017, the FAI was 63.17 trillion yuan, according to the bureau.
Specifically, private investment reached 38.15 trillion yuan, up 6 percent on a yearly basis and 2.8 percentage points faster than the previous year, accounting for 60.4 percent of total investment.
8Retail sales expand 10.2%
China's retail sales of consumer goods grew 10.2 percent year-on-year to reach 36.63 trillion yuan in 2017, official data showed.
The expansion was 0.2 percentage points slower than the previous year. In December alone, retail sales went up 9.4 percent, according to the NBS.
The data showed strong consumption potential in rural areas, with retail sales surging 11.8 percent last year, outpacing the 10 percent rate in urban areas.
9Imports and exports rise 14.2%
China's foreign trade volume rose 14.2 percent year-on-year to 27.79 trillion yuan, ending the continuous drop of the previous two years, official data from the General Administration of Customs showed.
China's exports increased 10.8 percent to reach 15.33 trillion yuan, while imports surged 18.7 percent to 12.46 trillion yuan in 2017.
The trade surplus continued to narrow in 2017, shrinking 14.2 percent to 2.87 trillion yuan, compared with a 9.1-percent reduction registered in 2016 that saw 3.35 trillion yuan in trade surplus.
10FDI surges, ODI declines
Foreign direct investment rose 7.9 percent in 2017 to reach 878 billion yuan, an all-time high, the Ministry of Commerce said.
According to the MOC, 35,652 foreign-funded companies were set up in China during the whole year, up 27.8 percent from a year before.
In contrast, MOC data showed non-financial outbound direct investment declined in 2017 amid government curbs on investment overseas.
Chinese investors spent a total of $120 billion in 6,236 enterprises in 174 countries and regions in the year, a 29.4 percent drop.
11New yuan loans hit 13.53 trillion yuan
In 2017, new yuan-denominated lending totaled 13.53 trillion yuan, 878 billion yuan more than the previous year, according to the People's Bank of China.
Loans to non-financial enterprises and organizations stood at 6.71 trillion yuan in the year, up from 6.1 trillion yuan in 2016.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, reached 167.68 trillion yuan at the end of December, up 8.2 percent from a year earlier or 3.1 percentage points down from a year ago, the central bank said.
The narrower measure of money supply, or M1, which covers cash in circulation plus demand deposits, rose 11.8 percent year-on-year to 54.38 trillion yuan at the end of December. M0, the amount of cash in circulation, was up 3.4 percent year-on-year to 7.1 trillion yuan.
12Real estate investment up 7%
China's investment in real estate development grew 7 percent year-on-year in 2017, 1.1 percentage points slower than in the first three quarters, while 0.1 percentage points faster than a year earlier, the NBS said.
Total property investment in 2017 was nearly 11 trillion yuan, it said.
Within this figure, investment in residential buildings went up by 9.4 percent year-on-year.
13Disposable income grows faster than GDP
China's per capita disposable income stood at 25,974 yuan in 2017, up 7.3 percent year-on-year in real terms, NBS figures showed.
The increase was 1 percentage point higher than the 6.3 percent rise registered in 2016 and outpaced the GDP growth rate.
Separately, urban and rural per capita disposable income reached 36,396 yuan and 13,432 yuan respectively in 2017, up 6.5 percent and 7.3 percent in real terms after deducting price factors.
