A raft of data from China in coming weeks is expected to show the world's second-largest economy carried solid momentum into 2017, thanks to heavy government stimulus and a construction boom that breathed new life into its ailing smokestack industries.
But Beijing's decision to double down on spending to meet its official growth target may have come at a high price, as policymakers will have their hands full in 2017 trying to defuse financial risks created by the explosive growth in debt.
Expectations for further depreciation of the yuan currency are creating further headaches for the government, even as U.S. President-elect Donald Trump threatens to brand China a currency manipulator and impose heavy tariffs on Chinese goods.
China is due to report fourth-quarter and full-year gross domestic product on Jan. 20. GDP grew at exactly 6.7 percent for each of the first three quarters, smack in the middle of the government's 2016 target range of 6.5-7 percent.
Factory and service sector surveys for December published earlier this week showed activity accelerated, with strong order books boding well for business in coming months.