China confident in 6.7% 2016 growth

China is confident to have reached an economic growth of 6.7% in 2016, within a targeted range set earlier in the year, Vice Finance Minister Zhu Guangyao said on Sunday. China’s economy expanded at a steady 6.7% in the first three quarters last year. China, which had been aiming for a 6.5-7% economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year, which, however, also led to an explosive increase in debt, according to Reuters. Many analysts believe growth was lower than official data suggests, but acknowledge that the construction boom significantly underpinned the economy. A government-run think tank said earlier this month that China’s economic growth could slow to 6.5% in 2017 from about 6.7% in 2016.