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

Photogallery Strong Words Start, May End, S. African Xenophobic Attacks

President Jacob Zuma publicly condemned rise in attacks on foreign nationals but critics say leadership has been less than welcoming to foreign residents More

Video Family Waits to Hear Charges Against Reporter Jailed in Iran

Reports in Iran say Jason Rezaian has been charged with espionage, but brother tells VOA indictment has not been made public More

Video Overwhelmed by Migrants, Italy Mulls Action to Stabilize Libya

Amnesty International says multinational concerted humanitarian effort must be enacted to address crisis; decrepit boats continue to bring thousands of new arrivals daily 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.
Are Energy Needs Putting Thailand's Natural Beauty at Risk?i
X
Steve Sandford
April 17, 2015 12:50 AM
Thailand's appetite for more electricity has led to the construction of new dams along the Mekong River to the north and new coal plants near the country's famous beaches in the south. A proposed coal plant in a so-called "green zone" has touched off a debate. VOA's Steve Sandford reports.
Video

Video Are Energy Needs Putting Thailand's Natural Beauty at Risk?

Thailand's appetite for more electricity has led to the construction of new dams along the Mekong River to the north and new coal plants near the country's famous beaches in the south. A proposed coal plant in a so-called "green zone" has touched off a debate. VOA's Steve Sandford reports.
Video

Video Overwhelmed by Migrants, Italy Mulls Military Action to Stabilize Libya

Thousands more migrants have arrived on the southern shores of Italy from North Africa in the past two days. Authorities say they expect the total number of arrivals this year to far exceed previous levels, and the government has said military action in Libya might be necessary to stem the flow. VOA's Henry Ridgwell reports.
Video

Video Putin Accuses Kyiv of ‘Cutting Off’ Eastern Ukraine

Russian President Vladimir Putin, in his annual televised call-in program, again denied there were any Russian troops fighting in Ukraine. He also said the West was trying to ‘contain’ Russia with sanctions. Henry Ridgwell reports on reactions to the president’s four-hour TV appearance.
Video

Video Eye Contact Secures Dog's Place in Human Heart

Dogs serve in the military, work with police and assist the disabled, and have been by our side for thousands of years serving as companions and loyal friends. We love them. They love us in return. VOA’s Rosanne Skirble reports on a new study that looks at the bio-chemical bond that cements that human-canine connection.
Video

Video Ukrainian Volunteers Search for Bodies of Missing Soldiers

As the cease-fire becomes more fragile in eastern Ukraine, a team of volunteer body collectors travels to the small village of Savur Mohyla in the what pro-Russian separatists call the Donetsk Peoples Republic - to retrieve bodies of fallen Ukrainian servicemen from rebel-held territories. Adam Bailes traveled with the team and has this report.
Video

Video Xenophobic Violence Sweeps South Africa

South Africa, long a haven for African immigrants, has been experiencing the worst xenophobic violence in years, with at least five people killed and hundreds displaced in recent weeks. From Johannesburg, VOA’s Anita Powell brings us this report.
Video

Video Sierra Leone President Koroma Bemoans Ebola Impact on Economy

In an interview with VOA's Shaka Ssali on Wednesday, President Ernest Koroma said the outbreak undermined his government’s efforts to boost and restructure the economy after years of civil war.
Video

Video Protester Lands Gyrocopter on Capitol Lawn

A 61-year-old mailman from Florida landed a small aircraft on the Capitol lawn in Washington to bring attention to campaign finance reform and what he says is government corruption. Wednesday's incident was one in a string of security breaches on U.S. government property. Zlatica Hoke reports the gyrocopter landing violated a no-fly zone.
Video

Video Apollo 13, NASA's 'Successful Failure,' Remembered

The Apollo 13 mission in 1970 was supposed to be NASA's third manned trip to the moon, but it became much more. On the flight's 45th anniversary, astronauts and flight directors gathered at Chicago's Adler Planetarium to talk about how the aborted mission changed manned spaceflight and continues to influence space exploration today. VOA’s Kane Farabaugh reports.
Video

Video Badly Burned Ukrainian Boy Bravely Fights Back

A 9-year-old Ukrainian boy has returned to his native country after intensive treatment in the United States for life-threatening burns. Volodia Bubela, burned in a house fire almost a year ago, battled back at a Boston hospital, impressing doctors with his bravery. Faith Lapidus narrates this report from VOA's Tetiana Kharchenko.
Video

Video US Maternity Leave Benefits Much Less Than Many Countries

It was almost 20 years ago that representatives of 189 countries met at a UN conference in Beijing and adopted a plan of action to achieve gender equality around the world. Now, two decades later, the University of California Los Angeles World Policy Analysis Center has issued a report examining what the Beijing Platform for Action has achieved. From Los Angeles, Elizabeth Lee has more.
Video

Video Endangered Hawaiian Birds Get Second Chance

Of the world's nearly 9,900 bird species, 13 percent are threatened with extinction, according to BirdLife International. Among them are two Hawaiian honeycreepers - tiny birds that live in the forest canopy, and, as the name implies, survive on nectar from tropical flowers. Scientists at the San Diego Zoo report they have managed to hatch half a dozen of their chicks in captivity, raising hopes that the birds will flutter back from the brink of extinction. VOA’s George Putic reports.
Video

Video Exhibit Brings Renaissance Master Out of the Shadows

The National Gallery of Art in Washington has raised the curtain on one of the most intriguing painters of the High Renaissance. Mostly ignored after his death in the early 1500s, Italian master Piero di Cosimo is now claiming his place alongside the best-known artists of the period. VOA’s Ardita Dunellari reports.
Video

Video Sidemen to Famous Blues Artists Record Their Own CD

Legendary blues singer BB King was briefly hospitalized last week and the 87-year-old “King of the Blues” may not be touring much anymore. But some of the musicians who have played with him and other blues legends have now released their own CD in an attempt to pass the torch to younger fans... and put their own talents out front as well. VOA’s Greg Flakus has followed this project over the past year and filed this report from Houston.
Video

Video Iran-Saudi Rivalry Is Stoking Conflict in Yemen

Iran has proposed a peace plan to end the conflict in Yemen, but the idea has received little support from regional rivals like Saudi Arabia. They accuse Tehran of backing the Houthi rebels, who have forced Yemen’s president to flee to Riyadh, and have taken over swaths of Yemen. As Henry Ridgwell reports for VOA, analysts say the conflict is being fueled by the Sunni-Shia rivalry between the two regional powers.

VOA Blogs

World Currencies

EUR
USD
0.9247
JPY
USD
118.78
GBP
USD
0.6657
CAD
USD
1.2190
INR
USD
62.395

Rates may not be current.