China’s Finance Ministry expects 6.7% growth for 2016
Video transcript:Today is Sunday 8th January 2017 and we are reporting very briefly on an announcement made by China’s Deputy Finance Minister today.
China’s Vice Finance Minister Zhu Guangyao speaking at a forum held by Tsinghua University in Beijing stated that China is confident to have reached an economic growth rate of 6.7% in 2016, within a targeted range set earlier in the year.
China's economy expanded at a steady 6.7% in the first three quarters last year, and Zhu said he was confident the growth rate would have reached the same level or more in the fourth quarter of 2016.
Market predictions aimed at a growth rate of between 6.5% - 6.7% affected by record bank lending, a housing rally and of course a depreciation in the value of the Yuan.
There have been predictions that China's economic growth could slow to 6.5% in 2017 as a result of uncertainty in the global economy and particularly the result of U.S. policy changes after President-elect Donald Trump takes office on Jan 20th.
The reason we frequently comment on China is because it’s one of the largest importers of gold and silver and any reduction in its economic growth could have quite an impact on silver in particular. Unless of course a President Trump embarks on a trade war, there is little reason to doubt that China’s imports of silver will be little affected in 2017. Of course we shall just have to wait and see.
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