China's GDP at Lowest Growth in 26 Years

China's economy recorded a 6.7-percent year-on-year growth in 2016, the slowest pace in 26 years but well within the government's target range, Chinese news agency Xinhua reported on Friday, citing government data. 
Fourth quarter growth stood at 6.8 percent, accelerating from 6.7 percent in the previous quarter, National Bureau of Statistics (NBS) data showed. The government's growth target for the year was 6.5 to 7 percent. 
Gross domestic product amounted to 74.41 trillion yuan (about $10.83 trillion) in 2016, with the service sector accounting for 51.6 percent. 
Major economic indicators softened last year, with industrial output growth slowing slightly to 6 percent from 6.1 percent in 2015, according to the data. 
Urban fixed-asset investment continued to cool, rising 8.1 percent year on year, compared with 10 percent in 2015. Retail sales rose 10.4 percent, down from 10.7 percent in 2015.