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China's 1st quarter GDP slows to 7.7%
By Wang Yanlin |
April 15, 2013, Monday
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Online Edition
Online Edition
CHINA'S gross domestic product expanded 7.7 percent from a year earlier to 11.88 trillion yuan (US$1.9 trillion) in the first three months, the National Bureau of Statistics said this morning.
The pace slowed from an increase of 7.9 percent in the final quarter of last year, missing market expectations for a rebound of at least 8 percent.
Sheng Laiyun, a bureau spokesman, said China's economic performance was stable on the whole with improved efficiency.
"It was achieved amid many uncertainties in the global economy. Judging by the statistics, China has steady employment figures – the foundation of a stable economy," Sheng said.
He attributed the unexpected retreat to unfavorable external situation and China's active macroeconomic control.
In the first three months, industrial production grew 9.5 percent, down 2.1 percentage points from the same period of last year. Fixed-asset investment jumped 20.9 percent, flat with a year earlier, and retail sales rose 12.4 percent, slower than the 14.8 percent increase a year earlier, the bureau said.
Disposable income of urban residents added 9.9 percent to 6,220 yuan in the first quarter. Rural household income climbed 12.5 percent to 2,107 yuan on average.
"There is no basic change in the economy as China accelerates urbanization, industrialization and globalization to create development potentials," Sheng said, noting that China is confident of achieving the 7.5 percent growth target set for this year.
The pace slowed from an increase of 7.9 percent in the final quarter of last year, missing market expectations for a rebound of at least 8 percent.
Sheng Laiyun, a bureau spokesman, said China's economic performance was stable on the whole with improved efficiency.
"It was achieved amid many uncertainties in the global economy. Judging by the statistics, China has steady employment figures – the foundation of a stable economy," Sheng said.
He attributed the unexpected retreat to unfavorable external situation and China's active macroeconomic control.
In the first three months, industrial production grew 9.5 percent, down 2.1 percentage points from the same period of last year. Fixed-asset investment jumped 20.9 percent, flat with a year earlier, and retail sales rose 12.4 percent, slower than the 14.8 percent increase a year earlier, the bureau said.
Disposable income of urban residents added 9.9 percent to 6,220 yuan in the first quarter. Rural household income climbed 12.5 percent to 2,107 yuan on average.
"There is no basic change in the economy as China accelerates urbanization, industrialization and globalization to create development potentials," Sheng said, noting that China is confident of achieving the 7.5 percent growth target set for this year.
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