Gross domestic product (GDP) growth in China has remained strong in 2017, exceeding market expectations. Supported by risinghousehold incomes, the growth contribution of final consumption increased further this year. At the same time, the growth contribution of fixed investment has declined notably. This was partly driven by government efforts to limit local government off-budget financing of public investment but also by weaker private investment. The recovery in global trade has been an important factor supporting economic activity in China in 2017. Net exports contributed positively to growth for three consecutive quarters, compared to a negative contribution in 2015-2016. Owing to favorable global financial conditions, as well as stricter implementation of capital controls and greater domestic market confidence, capital outflows from China declined to 47 billion US dollars in the first three quarters of 2017, from 640 billion US dollars in 2016. The Renminbi appreciated by 5.0 percent against the US dollar over January-November 2017.