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China’s economy grew at 7.7% in 2013
January 20, 2014, 4:34 am

A worker installs a Lunar New Year decoration outside a shopping mall in Beijing Wednesday, Jan. 15, 2014 [AP]

A worker installs a Lunar New Year decoration outside a shopping mall in Beijing Wednesday, Jan. 15, 2014 [AP]

China’s economy grew 7.7 per cent year on year in 2013, exceeding the government’s target of 7.5 per cent, according to the National Bureau of Statistics (NBS) on Monday.

Last year, gross domestic product (GDP) reached 56.88 trillion yuan ($9.31 trillion).

The economy’s fourth-quarter growth also stood at 7.7 per cent. Chinese officials cited encouraging GDP and job data as well as subdued inflation for the growth.

“China’s economic performance stabilized in 2013,” said Ma Jiantang, director of the NBS at a press conference.

Industrial production rose 9.7 per cent in December from a year earlier, data showed, down from a 10 per cent gain in November. Retail sales last month rose 13.6 per cent from a year earlier, slowing from 13.7 per cent in November.

The Chinese government defined the “upper and lower limits” of the reasonable range of economic performance in 2013.

With a GDP growth rate of 7.5 per cent, the “lower limit” is intended to ensure steady expansion and employment, and with the consumer price index at around 3.5 per cent, the “upper limit” is meant to prevent inflation.

New data also showed that China created more than 10 million new jobs in 2013 and inflation came in at 2.6 per cent for the whole year.

 

Source: Agencies

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