News / Economy

China's Economy Slows in Fourth Quarter

FILE - Chinese investors monitor their stock prices at a security firm in Hefei, east China's Anhui province.
FILE - Chinese investors monitor their stock prices at a security firm in Hefei, east China's Anhui province.
VOA News
China reported on Monday that its economic growth slowed in the final quarter of 2013 and appears set to cool even further.

China's National Bureau of Statistics also said Monday that the economy grew by 7.7 percent for all of last year, the same as in 2012.

Analysts said the economy slowed quite rapidly in the last quarter, with factory output, exports and investment all weaker than the previous quarter. The cool-down may be a sign of more sober times ahead as the government wrestles to implement major reforms.

Ma Jiantang, head of the National Bureau of Statistics, cautioned that the foundation for economic recovery still needs to be consolidated as the world's second largest economy enters a stage of transformation and development.
 
“In general, the economic growth in 2013 was overall stable. The economy was growing and improving while remaining stable. The achievement was hard-won. Meanwhile, we must see clearly that the economy of our country is in a crucial period of transformation and development, deep-rooted problems are to be eased, and the foundation for economic recovery is still to be consolidated,” Ma told reporters in Beijing.
 
After 30 years of sizzling double-digit economic growth that lifted many millions of Chinese out of poverty but also devastated the environment, China wants to change tack by embracing sustainable and higher-quality development instead.
 
Any change is expected to come at a cost of more muted economic growth, a price Beijing says it is willing to pay.
 
With China stepping up its efforts to remake its economy by promoting domestic consumption at the expense of exports and investment, some analysts predicted that the world's second-largest economy may lose further momentum this year.
 
“We are in the comforting background that you can push for reform because the growth momentum is quite stable. But the cautious side is that if you compare the third quarter versus the fourth quarter, I will say there was some slowdown in the fourth quarter. So in that sense I will say the concern is that if you particularly focus on… structural reform, the near term impact on growth may be negative. So in that sense, how to combine these two policy objectives -- reform and growth -- that is still a tough question for the policymakers,” said Zhu Haibin, chief China economist and head of Greater China Economic Research at J.P. Morgan.
 
Other data released alongside GDP showed industrial output grew 9.7 percent in December from a year ago, versus expectations of 9.8 percent showed in the Reuters poll.
 
Retail sales in December rose 13.6 percent on a year ago, in line with expectations.
 
Fixed-asset investment grew 19.6 percent in 2013 from a year earlier, versus an expected 19.8 percent. The government only publishes cumulative investment data.

Officials said that a long-term accumulation of problems has yet to ease, and a mini-stimulus of government spending last year has faded.

Growth of the world's second-largest economy is still considerably stronger than the United States, Japan or Europe.
 
Some information in this report was contributed by Reuters.

You May Like

Egypt's Suez Canal Dreams Tempered by Continued Unrest

Seen as a potential driver of recovery, Cairo’s plan to expand waterway had been raising hopes to give country much needed economic boost More

Ebola Maternity Ward in Sierra Leone First of its Kind

Country already had one of world's highest maternal mortality rates before Ebola arrived, virus has added even more complications to health care More

Malaysia Flight 370 Disappearance Ruled Accident

Aircraft disappeared on March 8, 2014; with ruling, families of 239 passengers and crew can now seek compensation from airline More

This forum has been closed.
Comment Sorting
Comments
     
by: James Tang from: China
January 20, 2014 10:30 AM
Yes , now Chinese government should pay more attention on its sustainable economic growth rather than GDP growth which is at the cost of enviromental pollution and over-loaded energy consumption ,the economic growth based on this pattern is not a long term strategy .

In Response

by: Tiger.Li
January 20, 2014 8:41 PM
pay more attention to the relationship exchange rate with inflation. the exchange rate is a fundamental challenge of the Chinese government, china have no right to mintage. if a mass of foreign capital leave china, the economy will be deflation.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Groundbreaking Hand-Painted Documentary About Van Gogh in Productioni
X
George Putic
January 29, 2015 9:43 PM
The troubled life of the famous 19th century Dutch painter Vincent van Gogh has been told through many books and films, but never in the way a group of filmmakers now intends to do. "Loving Vincent " will be the first ever feature-length film made of animated hand-painted images, done in the style of the late artist. VOA’s George Putic reports.
Video

Video Groundbreaking Hand-Painted Documentary About Van Gogh in Production

The troubled life of the famous 19th century Dutch painter Vincent van Gogh has been told through many books and films, but never in the way a group of filmmakers now intends to do. "Loving Vincent " will be the first ever feature-length film made of animated hand-painted images, done in the style of the late artist. VOA’s George Putic reports.
Video

Video Rock-Consuming Organisms Alter Views of Life Processes

Scientists thought they knew much about how life works, until a discovery more than two decades ago challenged conventional beliefs. Scientists found that there are organisms that breathe rocks. And it is only recently that the scientific community is accepting that there are organisms that could get energy out of rocks. Correspondent Elizabeth Lee reports.
Video

Video Paris Attacks Highlight Global Weapons Black Market

As law enforcement officials piece together how the Paris and Belgian terror cells carried out their recent attacks, questions are being asked about how they obtained military grade assault weapons - which are illegal in the European Union. As VOA's Jeff Swicord reports, experts say there is a very active worldwide black market for these weapons, and criminals and terrorists are buying.
Video

Video Activists Accuse China of Targeting Religious Freedom

The U.S.-based Chinese religious rights group ChinaAid says 2014 was the worst year for religious freedom in China since the end of the Cultural Revolution. As Ye Fan reports, activists say Beijing has been tightening religious controls ever since Chinese leader Xi Jinping came to office. Hu Wei narrates.
Video

Video Super Bowl Ads Compete for Eyes on TV, Web

Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Theologians Cast Doubt on Morality of Drone Strikes

In 2006, stirred by photos of U.S. soldiers mistreating Iraqi prisoners, a group of American faith leaders and academics launched the National Religious Campaign Against Torture. It played an important role in getting Congress to investigate, and the president to ban, torture. VOA's Jerome Socolovsky reports.
Video

Video Freedom on Decline Worldwide, Report Says

The state of global freedom declined for the ninth consecutive year in 2014, according to global watchdog Freedom House's annual report released Wednesday. VOA's William Gallo has more.
Video

Video MRI Seems to Help Diagnose Prostate Cancer, Preliminary Study Shows

Just as with mammography used to detect breast cancer, there's a lot of controversy about tests used to diagnose prostate cancer. Fortunately, a new study shows doctors may now have a more reliable way to diagnose prostate cancer for high risk patients. More from VOA's Carol Pearson.
Video

Video Smartphones About to Make Leap, Carry Basic Senses

Long-distance communication contains mostly sounds and pictures - for now. But scientists in Britain say they are close to creating additions for our smartphones that will make it possible to send taste, smell and even a basic touch. VOA’s George Putic reports.
Video

Video Former Sudan 'Lost Boy' Becomes Chess Master in NYC

In the mid-1980’s, thousands of Sudanese boys escaped the country's civil war by walking for weeks, then months and finally for more than a year, up to 1,500 kilometers across three countries. The so-called Lost Boys of the Sudan had little time for games. But one of them later mastered the game of chess, and now teaches it to children in the New York area. VOA’s Bernard Shusman in New York has his story.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Crowded Republican Presidential Field Off to Early Start for 2016

It seems early, but the 2016 U.S. presidential election campaign is already heating up. Though no one has officially announced a candidacy, several potential Republican contenders have been busy speaking to conservative groups about making a White House run next year. Many of the possible contenders are critical of the Obama administration’s foreign policy record. VOA national correspondent Jim Malone reports.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid

World Currencies

EUR
USD
0.8837
JPY
USD
117.92
GBP
USD
0.6608
CAD
USD
1.2531
INR
USD
61.900

Rates may not be current.