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China revises 2017 economic growth down to 6.8%

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China revises 2017 economic growth down to 6.8%

China revised down its annual GDP growth figure for 2017 by 0.1 percentage point to 6.8%, according to the country's National Bureau of Statistics.

The country's GDP stood at 82.08 trillion Chinese yuan in 2017, down 636.7 billion yuan from the initial data.

The revision comes amid growing concerns over China's slowing economic growth as its trade dispute with the U.S. continues. In the third quarter of 2018, China's annual GDP growth slowed to 6.5% from 6.7% in the prior quarter.

Recent data has shown that China's manufacturing sector activity contracted at the end of 2018, while it's overall trade surplus for the year also shrunk 18.3% on an annual basis to 2.33 trillion yuan.

China is scheduled to release GDP data for the fourth quarter of 2018 on Jan. 21, and the Econoday consensus estimates annual economic growth to have slowed further to 6.4% in the last quarter of 2018.

As of Jan. 17, US$1 was equivalent to 6.78 Chinese yuan.