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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

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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

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