In line with forecasts, China's economy grew by 6.7% in 2016

PanARMENIAN.Net - China's economy grew by 6.7% in 2016, compared with 6.9% a year earlier, marking its slowest growth in more than a quarter of a century, BBC News reports.

China's growth is a key driver of the global economy and a major concern for investors around the world.

The figure is in line with Beijing's official growth target of between 6.5% and 7%.

But some observers say China's growth is actually much weaker than official data suggests.

For the fourth quarter, the world's second biggest economy grew by 6.8%.

China is the world's second-biggest importer of both goods and commercial services, meaning its economic performance has a big knock-on impact around the world.

It plays an important role as a buyer of oil and other commodities. Its slowdown has been a factor in the decline in the prices of such goods.

Beijing's aim to rebalance the economy towards domestic consumption has led to major challenges for large manufacturing sectors with layoffs, especially in heavily staffed state-run sectors such as the steel industry.