2016 China's Economic Growth Return to Top of World, Contribution 33% World's Growth Rate IMF Say

Supported by consumer spending and theservice sector, China's GDP grew 6.8 percent in the fourth quarter of 2016 andthe full year GDP growth stood at 6.7 percent.

The economic growth rate in 2016 was aslight slowdown from 6.9 percent registered in 2015, but was within the government'starget of between 6.5 and

7 percent and outpacing most other major economies.

With the global economy facinguncertainties like trade protectionism, the International Monetary Fund (IMF)last week revised its China's growth forecast for 2017 to 6.5 percent, from the6.2-percent projection last October, based on expectations of continued policysupport for the economy.

"Global activity could accelerate morestrongly if policy stimulus turns out to be larger than currently projected inthe United States or China,"

the Washington-based global lender said inits World Economic Outlook (WEO) Update report.

The IMF's projection was largely consistentwith its sister agency World Bank, which kept its forecast for China's economicgrowth rate for 2017 unchanged at

6.5 percent despite softness of externaldemand and overcapacity in some sectors.

In its flagship "Global EconomicProspects" report released earlier this month, the World Bank lowered theglobal growth forecast for 2017 but kept its forecast

for China's economicgrowth rate for 2017 unchanged at 6.5 percent, as the global economy is cloudedby uncertainty about policy direction in major economies.

It seems that many global organizations andinvestment banks predictions are around 6.5 percent for the Chinese economicgrowth in 2017.

J. P. Morgan China chief economist ZhuHaibin forecast that China's economic growth pace will slow to 6.5 percent in2017, under pressure from weakness in

real estate and auto sectors, somewhatoffset by strength in financial services.

The economy ended on a strong note in 2016,but a slowdown in property activity may drag GDP growth down to about 6.4percent in 2017, even though property investment in the first quarter mayremain relatively robust, the UBS said in a report last week.