Chinese vice finance minister Zhu Guangyao expressed his belief that China is confident of having reached its set target of 6.7 percent economic growth rate in 2016. During the first three quarters of the year, the domestic economy grew at a steady 6.7 percent pace.

The vice finance minister said on Sunday that it is highly likely that the economy achieved the same growth rate or exceeded in the fourth quarter of 2016. He was speaking at a forum held at Tsinghua University in Beijing.

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Increased government spending, especially in real estate sector, helped the Chinese economy in expanding further during 2016. However, there are concerns that the pace may marginally slow down this year as the government takes steps to minimize the risk of bubble in certain sectors.

The same views were echoed by Zhu, who said that the global economy is likely to face uncertainty as the upcoming US administration may make changes in its trade policies. US president-elect Donald Trump had vocally expressed his concerns about Chinese trade practices including its attempts to stage manage the value of yuan.

Earlier this month, the forecasting department at State Information Center (SIC) stated that new technology is likely to stimulate economic growth. However, it warned that that industrial output growth may decline to 5.9 percent this year, down from the estimated 6.1 percent growth rate in 2016.

China is expected to continue its transition from manufacturing-based economy to consumption-based economy. The country is also expanding its capital base overseas as its total foreign investments topped $153 billion from January to November 2016.

Tagschina, Zhu Guangyao, State Information Center