China's economic growth

Although the pace still beat most major economies, the country's year-on-year growth has slowed for six years in a row.

Huang Yiping, a member of the central bank monetary policy committee and an economist at Peking University, said that the government should set a more flexible target for economic growth in 2017 to make more room for reforms, proposing a target range of 6-7%.

The Asian Development Bank, however, forecast in December that China's growth would be 6.4% in 2017, while the World Bank was more optimistic, keeping its earlier prediction of China growth in 2017 at 6.5% in January, in line with the forecast made by government think tank Chinese Academy of Social Sciences.

Either way, China's growth would remain within a reasonable range and is unlikely to become a "black swan" event of the world economy in 2017.

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