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China revises down its 2014 GDP to 7.3%
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CHINA reduced its 2014 gross domestic product growth by 0.1 percentage point to 7.3 percent after a regular data review, the National Bureau of Statistics said today.
The country's economic output in 2014 landed at 63.613 trillion yuan (US$9.9 trillion) after the review, which was 32.4 billion yuan less than the preliminary reading announced in January by the bureau.
The growth cut was mainly due to the adjustment in the data of the service sector, which gained 7.8 percent to 30.603 trillion yuan last year after the review. It was revised from the original reading of 8.1 percent.
Expansion in the manufacturing sector and the agricultural sector remained the same as before, which continued to be 7.3 percent and 4.1 percent separately with the output to be 27.176 trillion yuan and 5.834 trillion yuan.
After the adjustment, China's economic growth rate in 2014 remained the slowest in 24 years, which missed the government target of about 7.5 percent.
In the first half of the year, China's GDP expanded 7 percent, still in line with the official goal of about 7 percent.
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