This past week China's economy posted 6.7% y-o-y GDP growth in Q3 2016, on par with H1 2016 levels. Structural reforms continue to progress well, with the service sector's contribution to GDP growth rising 1.6 ppts y-o-y to 52.8% in the quarter. Year-to-date retail sales registered steady y-o-y growth of 9.8% in real terms. Stable GDP growth continues to be supported by the rapid expansion of credit, with total incremental loans exceeding RMB10 trillion in the first nine months of 2016.

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