China GDP growth slows
CHINA'S gross domestic product (GDP) expanded 7.7 per cent last year, data showed yesterday, its slowest rate in 14 years at a time of concern about the strength of the world's No. 2 economy.
Growth for the October-December quarter also came in at 7.7 per cent, the National Bureau of Statistics (NBS) said, slowing from 7.8 per cent in the three months before.
The full-year GDP figure was the same as the median forecast in a survey of 14 economists by AFP, and exceeded the government's growth target for the year, which was declared as 7.5 per cent.
"Generally speaking, China's economy showed good momentum of stable and moderate growth in 2013, which is (a) hard-earned achievement," NBS chief Ma Jiantang said.
China is widely expected to face slower expansion in the years ahead, with its leaders saying they are committed to transforming the country's growth model to one where consumers and other private actors play the leading role, rather than huge and often wasteful state investment.
The median forecast for this year in the AFP survey of economists was for growth to slow to 7.5 per cent.