China, the world's second-largest economy in the world, saw a drop in its economic growth rate to 6.7 percent in calendar year (CY) 2016 from 6.9 percent in the previous year.
It is also the slowest pace of economic growth in 26 years. Its neighbour India grew at above 7 percent in the first three quarters of CY 2016, while data for the December quarter is yet to be released.
"According to the preliminary estimation, the gross domestic product (GDP) of China was 74,412.7 billion yuan in 2016, an increase of 6.7 percent compared with last year," the National Bureau of Statistics of China said in a statement.
"Specifically, the year-on-year growth of GDP for the first quarter was 6.7 percent, 6.7 percent for the second quarter, 6.7 percent for the third quarter, and 6.8 percent for the fourth quarter," the Bureau added, releasing the preliminary estimates.
In contrast, the Indian economy expanded by 7.9 percent in March 2016 quarter, 7.1 percent in June quarter and 7.3 percent in September quarter.
The year coincides with the country's commencement of its 13th Five-Year Plan Period.
Sector-wise, agricultural production fell 0.8 percent while industrial production rose 6 percent and retail sales of consumer goods grew 9.6 percent. Online retail sales increased at a faster clip of 26.2 percent.
External trade suffered
China's imports and exports in CY 2016 fell 0.9 percent and 6.1 percent in comparison to CY 2015.
"By quarters, the total value of exports in the first quarter, second quarter and third quarter dropped by 7.9 percent, 0.8 percent and 0.3 percent respectively compared with the same period of last year, while the fourth quarter went up by 0.3 percent," the Bureau said.
China's population increased by 6 million to 1,382.71 million (including population of 31 provinces, autonomous regions and municipalities, and servicemen in CPLA; but not including residents in Hong Kong SAR, Macao SAR, Taiwan Province and overseas Chinese).
Realistic analysis
The Bureau said the country faced many headwinds in CY 2016. "Generally speaking, China's economy was within a proper range with improved quality and efficiency. However, we should also be aware that the domestic and external conditions are still complicated and severe, and the foundation for a stabilized but progressing economy should be further consolidated."
