Arab Today, arab today chinas gdp growth slows to 74 in 2014
Last Updated : GMT 15:32:04
Arab Today, arab today
Arab Today, arab today

China's GDP growth slows to 7.4% in 2014

Arab Today, arab today

Arab Today, arab today China's GDP growth slows to 7.4% in 2014

Workers assemble LED lights at a factory in Zouping
Beijing - AFP

China's gross domestic product (GDP) rose 7.4 percent in 2014, official data showed on Tuesday, slumping to a 24-year low with authorities describing slowing expansion as the "new normal" for the world's second-largest economy.
The 2014 figure announced by the National Bureau of Statistics (NBS) was below growth of 7.7 percent in 2013, but exceeded the median forecast of 7.3 percent in an AFP survey of 15 economists.
GDP also expanded 7.3 percent year-on-year in the fourth quarter of last year, the NBS said, matching the 7.3 percent result in the previous three months and beating the 7.2 percent median forecast in the survey.
"China's economy has achieved stable progress with improved quality under the new normal in 2014," NBS chief Ma Jiantang told reporters.
"However we should also be aware that the domestic and international situations are still complicated and economic development is facing difficulties and challenges."
The full-year result was the worst since the 3.8 percent recorded in 1990 and comes as one of the pillars of the global economy was hit last year by troubles including manufacturing and trade weakness as well as declining prices for real estate, which has sent a shock through the country's key property sector.
The government had set an official expansion target of "about" 7.5 percent for last year. The goal is traditionally pegged at a level that is easily achieved, and is usually approximated to provide room for positive spin just in case it is missed.
The 2014 result is the first miss since 1998 during the Asian economic crisis.
The NBS also said industrial production, which measures output at factories, workshops and mines, rose 7.9 percent year-on-year in December.
Retail sales, a key indicator of consumer spending, increased 11.9 percent in the same month, while fixed asset investment, a measure of government spending on infrastructure, expanded 15.7 percent on-year for the whole of 2014.
For this year, the economists in the AFP survey see growth slowing further to a median 7.0 percent.
Despite the slowdown last year, authorities say they intend to stick to the path of transforming the economy into one where growth is increasingly driven by consumer spending, and emphasising quality of expansion over size.
Still, authorities last year did not take an entirely hands off approach to the growth slowdown, implementing a a series of targeted measures analysts described as "mini-stimulus", while in November the central People's Bank of China cut interest rates for the first time in more than two years to try to put a floor on the slowdown.
Economists are broadly expecting further monetary policy tinkering this year, but say the focus will be on structural reforms over the temptation of major stimulus.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinas gdp growth slows to 74 in 2014 Arab Today, arab today chinas gdp growth slows to 74 in 2014

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 07:21 2017 Sunday ,19 February

Kenya, Egypt resolve to boost bilateral trade

GMT 05:42 2017 Sunday ,19 February

British consumers battered by Brexit inflation

GMT 05:19 2017 Sunday ,19 February

Russia is ready to act on strong ruble

GMT 05:13 2017 Sunday ,19 February

Iran discovers shale reserves

GMT 16:23 2017 Saturday ,18 February

Indonesia releases seized shipments of citrus

GMT 14:30 2017 Saturday ,18 February

Chile seeks free trade commitments in Asia-Pacific

GMT 03:37 2017 Saturday ,18 February

Venezuela gears up military machine amid economic crunch
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday