China's economy grew at slowest in 2013, since last 14 years
As per data released by China’s National Bureau of Statistics, the world’s second-largest economy, China’s economy, grew at its slowest pace in 14 years in 2013.
As per the data:
- Gross Domestic Product (GDP) grew at an annual rate of 7.7% in the October-to-December period, down from 7.8% in the previous quarter.
- 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.
- China’s economy grew at slowest pace because there was a decrease in infrastructure investment in the past few months due to a stronger intention by the central government to control credit issuance and local government debt.
- The GDP was still higher than the government’s target rate of 7.5%.
Note: Analysts expect that the Chinese economy could slow further this year (2014), as Beijing plans to shift its focus away from exports and investment to domestic spending and consumption. In other words, it has plans to move away from an investment-led growth model to one driven by domestic consumption.