BEIJING: China’s gross domestic product (GDP) totalled more than $10 trillion in 2015 and the economy grew by around 7%, with the services sector accounting for half of GDP, Premier Li Keqiang said on Saturday. The premier also said that employment had expanded more than expected with 900 million people making up the country’s total workforce, including 150 million skilled professionals. Consumption contributed nearly 60% of growth, Li said, at the opening ceremony for the China-backed Asian Infrastructure Investment Bank (AIIB) in Beijing. China’s fourth quarter and full-year 2015 GDP figures are expected to be released on Jan 19. Analysts have forecast 2015 growth cooled to 6.9%, down from 7.3% in 2014 and the slowest pace in a quarter of a century.
Published in The Express Tribune, January 17th, 2016.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.