China’s economy, the world’s second-largest, grew at its slowest pace in 14 years in 2013, latest figures show.
Its gross domestic product (GDP) expanded 7.7% from a year ago, the slowest pace of growth since 1999.
The growth rate was better than the government’s target of 7.5%. The pace of expansion was also the same as 2012.
The data highlights the challenge policymakers face in sustaining China’s high growth rate as they look to rebalance the economy.
Many analysts expect the country’s growth rate to slow as it takes steps to move away from an investment-led growth model to one driven by domestic consumption.
“We expect China’s GDP to be around 7.6% in 2014,” said Shen Jianguang, chief China economist at Mizuho Securities in Hong Kong.
“The government moves to curb shadow banking and local government debt will cap the growth of investment.”
Source-BBC.Business
