| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

Asia Economy Last Updated: Jan 20, 2014 - 6:18 AM

China's economy grew 7.7% year on year in 2013
By Michael Hennigan, Finfacts founder and editor
Jan 20, 2014 - 6:13 AM

Email this article
 Printer friendly page
Tourists ride camels in Shahu, a desert oasis scenic spot in Shizuishan of northwest China's Ningxia Hui Autonomous Region, Oct. 09, 2013. Photo: Xinhua

China's economy grew 7.7% year on year in 2013, the same as 2012 while beating the government's target of 7.5%, according to the National Bureau of Statistics (NBS) on Monday.

The Chinese economy expanded 1.8% from the previous quarter on a seasonally adjusted basis, the NBS said.

In 2013, the EU and the US were responsible for 32% of China's exports and an increase in growth in both areas should help China to maintain a similar growth but lower than 2013 at 7.4%.

Last year, gross domestic product (GDP) reached 56.88tn yuan (US$9.31tn). US GDP is valued at about $16tn.

The economy's fourth-quarter growth also stood at 7.7%.

On the downside, the FT says that after holding steady at about 130% of GDP for most of the 2000s, total debt in the Chinese economy began to surge in the wake of the 2008 financial crisis and reached more than 200% by the end of 2013.

"China's economic performance stabilised in 2013," said Ma Jiantang, director of the NBS, at a press conference, citing encouraging GDP and job data as well as subdued inflation.

Xinhua, the official news agency, says that 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%, the "lower limit" is intended to ensure steady expansion and employment, and with the consumer price index at around 3.5%, the "upper limit" is meant to prevent inflation.

Figures showed that China created more than 10m new jobs in 2013 and inflation came in at 2.6% for the whole year.

China's retail sales grew 13.1% year on year to 23.44tn yuan ($3.84tn) in 2013, the National Bureau of Statistics (NBS) said Monday.

Industrial output in China grew 9.7% in 2013 from a year ago and the annual growth of China's urban fixed-asset investment cooled to 19.6% in 2013, the NBS said.

Sales of new homes in China rose 27% to $1.1tn in 2013 - - equivalent to the value of all new and existing homes sold in the US last year, according to the FT

Check out our subscription service, Finfacts Premium , at a low annual charge of €25

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Asia Economy
Latest Headlines
IMF defers renminbi reserve decision; Devaluations losing firepower
Japan's trade deficit widens and GDP falls despite 33% yen devaluation
China's exports slide in July; Fx reserves dip $42.5bn in month
Chinese manufacturing PMI falls for 5th straight month in July; Japan at 5-month high
China's overseas investments to surge; Ireland got €99m of €46bn invested in EU in 2000-2014
China to overtake US economy in 2026; Income per capita will be 50% of US in 2050
Manufacturing activity in China and Japan contracted in June
China's manufacturing contracted for third straight month in May; Japan in slight rise
Asia accounts for 40% of global output, two-thirds of global growth
China's exports unexpectedly fell in April 2015 after March dip
China's growth in 2015 at slowest since early 2009
China's 2015 foreign trade continues to slide
Singapore remains world’s top location for business on 50th anniversary of independence
China's manufacturing activity fell to a 11-month low in March
China in surprise rate cut to boost sagging economy
Chinese Lunar New Year: Year of the Wood Goat begins this week
China’s manufacturing shrunk in January; Regional rise except Indonesia
Profits of Chinese industrial businesses plunged in 2014
China's growth in 2014 fell to a 24-year low
Services activity in China, Japan and India in moderate rises in December
China’s manufacturing industry remains competitive despite rising wages
China revises 2013 GDP up 3.4% to 56.5% of US economy size
China's manufacturing contracts in December; Japan's grows
China's imports slide in November; Emerging markets slow
Manufacturing PMI stalled in China in November; Fell in Korea, Indonesia , grew in India
China's manufacturing output contracted in November; Japan's accelerated
Ireland not among top 67 destinations for Chinese outbound FDI in 2014
Japan fell into recession in third quarter of 2014
Services slowed in China, contracted in Japan and stagnated in India in October
Manufacturing in South Korea/ Indonesia contracted in October; India in slight rise
Two Chinese manufacturing reports show trading near stagnation levels
Bank of Japan raises money printing target; Spending and wages plunge
China's manufacturing stagnates, Japan in moderate growth
China’s economy in third quarter grew at slowest pace in five years
Chinese exports jump in September; "Sadness will return soon"
World Bank cuts growth forecasts for developing East Asia including China
Japanese business confidence slightly improves; Manufacturing sector weak
Developing Asia remains fastest-growing region in world in 2014
Chinese manufacturing PMI rose slightly in September
Japan reports 26th straight monthly trade deficit; Public debt tops ¥1,000tn