| DAWN.com | - |
BEIJING:
China's economy last year registered flat growth of 7.7 per cent,
maintaining its slowest expansion in more than a decade as the
government warned Monday of “deep-rooted problems” including a mountain
of local authority debt.
BEIJING: China’s economy last year registered flat growth of
7.7 per cent, maintaining its slowest expansion in more than a decade as
the government warned Monday of “deep-rooted problems” including a
mountain of local authority debt.
Gross domestic product (GDP) expansion for the October-December quarter also came in at 7.7pc, the National Bureau of Statistics (NBS) said, from 7.8pc in the previous three months.
The 2013 GDP figure was the same as that for 2012 — which was the worst rate of growth since 1999 — and matched the median forecast in a survey of 14 economists by AFP. It exceeded the government’s growth target for the year, which was declared as 7.5pc.
Growth for the fourth quarter was better than the AFP survey’s median forecast of 7.6pc.
“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 told reporters. The agency also reported positive data for industrial output, retail sales and fixed asset investment.
“However, we should keep in mind that the deep-rooted problems built up over time are yet to be solved in what is a critical period for China’s economy,” Ma said.
Since the 1980s, China has shaken off the lethargy of the Communist command economy with reforms that brought years of blistering growth, making its GDP second only to the US and establishing it as the world’s biggest trading power in goods.
But it is expected to face slower expansion in future.
Its leaders under President Xi Jinping say they are committed to transforming China’s growth model to one where consumers and other private actors play the leading role, rather than huge and often wasteful state investment.
Yet such fundamental change will likely take time. The NBS data showed the contribution of investment to GDP growth rose last year, to 54.4pc, while consumption’s share fell.
For 2014, the median forecast in the AFP survey was for 7.5pc growth.
“Judging from the data, our outlook for 2014 remains that China’s economy will continue slowing down in the first half,” Wendy Chen, Shanghai-based analyst for Nomura International, told AFP.
Within the past decade Chinese growth was regularly in double digits, but it has been slowing and the 2013 result has it in single figures for three consecutive years for the first time since 2002.
China’s GDP totalled 56.88 trillion yuan in 2013, the NBS said. It gave the country’s Gini co-efficient — a measure of income inequality with 0 representing perfect equality and 1 total inequality — as 0.473, a minuscule improvement on 0.474 in 2012.—AFP
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Gross domestic product (GDP) expansion for the October-December quarter also came in at 7.7pc, the National Bureau of Statistics (NBS) said, from 7.8pc in the previous three months.
The 2013 GDP figure was the same as that for 2012 — which was the worst rate of growth since 1999 — and matched the median forecast in a survey of 14 economists by AFP. It exceeded the government’s growth target for the year, which was declared as 7.5pc.
Growth for the fourth quarter was better than the AFP survey’s median forecast of 7.6pc.
“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 told reporters. The agency also reported positive data for industrial output, retail sales and fixed asset investment.
“However, we should keep in mind that the deep-rooted problems built up over time are yet to be solved in what is a critical period for China’s economy,” Ma said.
Since the 1980s, China has shaken off the lethargy of the Communist command economy with reforms that brought years of blistering growth, making its GDP second only to the US and establishing it as the world’s biggest trading power in goods.
But it is expected to face slower expansion in future.
Its leaders under President Xi Jinping say they are committed to transforming China’s growth model to one where consumers and other private actors play the leading role, rather than huge and often wasteful state investment.
Yet such fundamental change will likely take time. The NBS data showed the contribution of investment to GDP growth rose last year, to 54.4pc, while consumption’s share fell.
For 2014, the median forecast in the AFP survey was for 7.5pc growth.
“Judging from the data, our outlook for 2014 remains that China’s economy will continue slowing down in the first half,” Wendy Chen, Shanghai-based analyst for Nomura International, told AFP.
Within the past decade Chinese growth was regularly in double digits, but it has been slowing and the 2013 result has it in single figures for three consecutive years for the first time since 2002.
China’s GDP totalled 56.88 trillion yuan in 2013, the NBS said. It gave the country’s Gini co-efficient — a measure of income inequality with 0 representing perfect equality and 1 total inequality — as 0.473, a minuscule improvement on 0.474 in 2012.—AFP
end quote from:
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