China's economy grew 7.7 per cent in 2013 after easing in the final three months on sagging investment growth, a cool down that some analysts say is a sign of the more sober times ahead as the government wrestles to implement major reforms.
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.
"I think it will be very difficult for growth to hit 8 percent this year," said Ting Lu, an economist at Bank of America-Merrill Lynch in Hong Kong, who expects China's economy to expand 7.6 per cent this year.
"We expect the government to maintain neutral monetary policies and execute a slightly more proactive fiscal policy in 2014."
A suite of data out on Monday showed growth in factory output and investment in the world's second-largest economy lost steam in December, dragging overall economic growth in the fourth quarter to a six-month low of 7.7 per cent.
That left 2013 growth in the 56.9 trillion yuan economy unchanged from revised levels in 2012, but helped it to narrowly miss market forecasts for activity to hit a 14-year trough of 7.6 per cent.
The Australian dollar firmed slightly after the data while most Asian stock markets pared early losses. Read more..
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.
"I think it will be very difficult for growth to hit 8 percent this year," said Ting Lu, an economist at Bank of America-Merrill Lynch in Hong Kong, who expects China's economy to expand 7.6 per cent this year.
"We expect the government to maintain neutral monetary policies and execute a slightly more proactive fiscal policy in 2014."
A suite of data out on Monday showed growth in factory output and investment in the world's second-largest economy lost steam in December, dragging overall economic growth in the fourth quarter to a six-month low of 7.7 per cent.
That left 2013 growth in the 56.9 trillion yuan economy unchanged from revised levels in 2012, but helped it to narrowly miss market forecasts for activity to hit a 14-year trough of 7.6 per cent.
The Australian dollar firmed slightly after the data while most Asian stock markets pared early losses. Read more..
Source: Hindi News
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