2016 marked the start of China's 13th Five-Year Plan (2016-2020). In light of the combined pressures of inflation and the global economic slowdown, the world's second largest economy still managed to move forward.

China's GDP grew 6.7 percent in the first three quarters of 2016, reaching nearly 53 trillion yuan (7.6 trillion US dollars).The growth was achieved at a steady pace, and falls within the government's targeted range of growth between 6.5 and 7 percent for 2016.

Supported by supply-side structural reform, China's service sector has become an increasingly important driver for the country's economic growth. In 2015, the service industry accounted for over 50.5 percent of total GDP, the first time that it had accounted for more than half of gross domestic product. The service industry continued that upward trend into 2016, accounting for 52.8 percent of total GDP in the first three quarters.

Despite the overall increase seen in China's economy, experts warn that risks in certain areas cannot be neglected, including the real estate sector and the financial industry.

Wang Yiming, deputy director of the State Council Development Research Center, said that low investment returns in the real economy and easy credit have triggered excessive growth in property prices in China's first-tier cities, as well as some second-tier ones.

During the Central Economic Work Conference (CEWC), a key economic planning meeting held in mid-December, seeking economic growth while maintaining stability will remain the government's top priority for next year.