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China reports GDP data for the fourth quarter on Friday, 20th January. Higher government spending and record bank lending is likely to see stable growth in China in the fourth quarter. Massive fiscal and credit stimulus probably fueled construction boom supporting heavy industries.
The property market in China has been a key driver for the nation's growth. China’s overheated property market showed further signs of cooling in December on the back of curbing measures imposed since October. Data on Wednesday showed average new home prices rose 12.4 percent in 2016, but gains have moderated in recent months.
As the full impact from these measures kick in, and on additional measures which cannot be exactly ruled out, property market for the coming year is expected to remain soft.
Economists in Reuters poll estimated GDP grew 1.7 percent quarter-on-quarter, versus 1.8 percent in the third quarter. "In 2017, we expect growth to remain stable in the first half, as expansionary fiscal spending should offset the drag from a cooling property sector," economists at Nomura said in a note.
