Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




POLITICAL ECONOMY
China annual growth hits 13-year low
by Staff Writers
Beijing (AFP) Jan 18, 2013


China's economy grew at its slowest pace in 13 years in 2012, the government said Friday, but an uptick in the final quarter pointed to better news ahead for a prime driver of the tepid global recovery.

Gross domestic product (GDP) in the world's second-largest economy expanded 7.8 percent last year in the face of weakness at home and in key overseas markets, the National Bureau of Statistics (NBS) announced.

But it grew 7.9 percent in the final three months of 2012 as industrial production and retail sales growth strengthened at the end of the year, snapping seven straight quarters of slowing growth in a positive sign for the spluttering world economy.

The official statistics come as optimism grows among analysts that China will pick up steam in 2013 after two years of relative weakness, although they -- and the government -- caution that the improvement will not be dramatic.

"The international economic environment remains complicated this year and... there are still unbalanced conflicts in the Chinese economy," NBS chief Ma Jiantang told reporters.

Still, Ma added: "We expect China's economy to continue to grow in a stable manner in 2013."

Chinese stocks rose on the figures, with the Shanghai Composite Index closing up 1.41 percent.

The slowdown in annual growth was the second in a row and marked its lowest point since 1999, when it stood at 7.6 percent, according to official statistics.

Expansion has slowed amid weakness in the global economy, particularly the key export markets of the United States and Europe, and as the government took steps to cool a once red hot property market.

But its growth rate remains the highest among leading economies. GDP reached 51.9 trillion yuan ($8.28 trillion) in 2012, further cementing its position as the world's number two economy behind the United States.

The GDP figures were just ahead of expectations, with economists surveyed by AFP having projected growth of 7.7 percent in 2012 and 7.8 percent in the fourth quarter, and anticipating acceleration to 8.0 percent this year.

IHS Global Insight senior economist Ren Xianfang said the worst was probably over for China and while it had avoided a "hard landing", challenges remained as it entered a "new normal" of slower growth.

"The rebound by itself looks quite shaky," she wrote in a report after the data. "The trajectory of recovery is flat, mirroring the shallow downturn it's rebounding from."

Growth had slowed for seven straight quarters through September, when the economy expanded 7.4 percent, the worst since early 2009. Annual GDP grew 9.3 percent in 2011 and 10.4 percent in 2010.

Successfully managing the economy is a key concern for China's leaders, who derive much of their claims to legitimacy from the country's reform-led economic rise, which has lifted hundreds of millions of people out of poverty over the past three decades.

But the boom was accompanied by a growing wealth gap, worrying authorities who are keen to avoid public discontent and the threat of social unrest in the country of 1.35 billion people.

Underscoring that sensitivity, the NBS announced China's Gini coefficient, a commonly used measure of inequality, for the first time since 2000, saying it stood at 0.474 in 2012.

A figure of 0 represents perfect equality and 1 total inequality, with some academics viewing 0.40 as a warning line.

The government is due to formally conclude a once-in-a-decade power handover in March with Xi Jinping, already named Communist Party chief, becoming president and Li Keqiang taking over as premier in charge of day-to-day administration.

The country's economy is widely seen as having matured to the point where the growth model of the past, including public spending for big ticket infrastructure projects, must be modified.

The statistics bureau also released other key indicators, with industrial production growing 10.0 percent in 2012, and retail sales up 14.3 percent.

Fixed-asset investment, a key measure of government spending on infrastructure, expanded 20.6 percent to 36.5 trillion yuan in the year -- equivalent to just over 70 percent of GDP.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
China annual growth hits 13-year low
Beijing (AFP) Jan 18, 2013
China's economy grew at its slowest pace in 13 years in 2012, the government said Friday, but an uptick in the final quarter pointed to better news ahead for a prime driver of the tepid global recovery. Gross domestic product (GDP) in the world's second-largest economy expanded 7.8 percent last year in the face of weakness at home and in key overseas markets, the National Bureau of Statistic ... read more


POLITICAL ECONOMY
Canada to resettle up to 5,000 Iranian, Iraqi refugees

China factory fire hidden by thick smog: media

Allianz sticks to profit goal despite Hurricane Sandy hit

Hannover Re hit by 261-million-euro loss from Sandy

POLITICAL ECONOMY
New surfaces repel most known liquids

Sustainable reinforcement for concrete has newly discovered benefits

ECAPS signs contract with Skybox for complete propulsion system

Boeing Grows Composite Manufacturing Capability in Utah

POLITICAL ECONOMY
Rare dolphin species threatened by big fishnets

New UMass Amherst Research Shows Fishways Have Not Helped Fish

Beijing water supply at risk?

Audit slams S. Korea's $20 bn river project

POLITICAL ECONOMY
New Antarctic geological timeline aids future sea-level predictions

Russian national park to bridge US-Russia divide

Will changes in climate wipe out mammals in Arctic and sub-Arctic areas?

Global warming opening up Russia's Arctic

POLITICAL ECONOMY
Amino Acid Studies May Aid Battle Against Citrus Greening Disease

Potential harvest of most fish stocks largely unrelated to abundance

China crash sees cats escape cooking pot

How does your garden glow?

POLITICAL ECONOMY
Eleven dead, two missing as floods swamp central Jakarta

Four children die in Mozambique floods

Mozambique floods kill 2, destroy homes

Volcano lava flows worry Italian island

POLITICAL ECONOMY
Hollande, in Gulf, defends France's Mali offensive

French marines in Mali wait for orders to join the fight

Mali Islamists flee bases, battered by French airstrikes

U.S. frets it'll get dragged into Mali war

POLITICAL ECONOMY
Chimpanzees successfully play the Ultimatum Game

Gene flow from India to Australia about 4,000 years ago

Eliminating useless information important to learning, making new memories

Tech world crawling into the crib




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement