01/20/2014, 00.00
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Chinese economy at its lowest point in 14 years

GDP growth at 7.7% in 2013, even though higher than government forecasts. The slowdown indicates that the government wants to move from an economy based on investment to a focus on internal consumption. For 2014 there is talk of 7.5%.

Beijing ( AsiaNews / Agencies) - China's economy, the second largest in the world , has touched its lowest point of growth in the last 14 years. In 2013, the gross domestic product stood at 7.7% , a figure nonetheless up from government forecasts. For many analysts, far from being a tragedy this is an "intended and foreseeable" decline in the light of new economic policies imposed by the leadership of Xi Jinping.

China's GDP expanded 7.7% from a year ago, up from the forecast (+7.6 %), but down from 7.8 % in the third quarter, on the back of a slower growth in investments. On an annual basis it showed an increase of 1.8 % in the fourth quarter against 2.2% in the previous three months (estimates indicated in this case a +2%). For 2013, the entire country's growth was 7.7% , equal to that of 2012.

Chinese industrial production in December showed an increase of 9.7 % per year, slightly lower than expected ( +9.8 %) and +10 % in December . There was a slight halt to retail sales : +13.6 % per year in December from 13.7 % the previous month .

"I think it will be very difficult that growth this year will reach 8% ," says economist at Bank of America - Merrill Lynch, Ting Lu. "We expect the trend will continue in 2014 as the policymakers [are] determined to push forward the reforms to maintain stable economic growth".


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