China anticipates

China anticipates problems in the economy in 2017

BEIJING, Jan. 13 (Xinhua) - The Chinese government on Tuesday said that the growth of the second world economy in the whole of 2016 reached 6.7%, the rate recorded between January and September, and anticipated that in 2017 faces "problems and contradictions".

Xu Shaoshi, chairman of China's National Commission for Reform and Development - an economic planning body - told a news conference in which he argued that the Asian giant exceeded last year's "very internal and external economic environment. complex".

"Our growth in the first three-quarters (of 2016) was 6.7% and is expected to be around 6.7% in the year as a whole," said Xu, who added that last year more than 13 million new urban jobs.

The head of the Chinese economic planning department explained that last year the second world economy remained in the "new normalcy" - the locution with that the authorities talk to a slower growth stage within the country - and progressed in its method of structural transformation. In this regard, Xu noted that consumption contributed to 71% of economic growth and that energy consumption per unit of gross domestic product (GDP) fell by 5%, which contributed to the progressive withdrawal of the most polluting industries.

Lower growth

Xu noted that although China's economic growth rate is currently lower than a few years ago, GDP is estimated to have grown by 5 trillion yuan ($ 722 billion, 685 billion) in 2016 , which is equivalent to its total size in 1994 or to an expansion of 10% five years ago.

The Chinese leader added that the Asian giant's contribution to global economic growth "can reach more than 30%", which he anticipated will remain the world's biggest growth driver.

"I think we will be well positioned to respond to the risks and challenges and to maintain the smooth operations of the Chinese economy," Xu said.

The President of the Commission pointed to the slow recovery of the world economy after the financial crisis and the growing uncertainty in the global panorama, which add to its internal difficulties.

"Although the domestic economy has stabilized, we still face some important contradictions and problems," said Xu, who stressed the problems of productive overcapacity in the steel, coal, cement, glass and shipping industries.

In addition, the Chinese economic planning official announced that the country will continue to drive reform of its public enterprises, to guide them more towards the market, and promote mergers and acquisitions between state-owned enterprises already seen in the steel and rail sectors.