China's economy grows 7.7% in 2013

Date : 2014-01-21  | From : Xinhua

China's economy grew 7.7 percent year on year in 2013, the same as 2012 andbeating the government's target of 7.5 percent, according to the National Bureau of Statistics(NBS) on Monday.

Last year, gross domestic product (GDP) reached 56.88 trillion yuan ($9.31 trillion).

The economy's fourth-quarter growth also stood at 7.7 percent.

"China's economic performance stabilized in 2013," said Ma Jiantang, director of the NBS at apress conference, citing encouraging GDP and job data as well as subdued inflation.

The Chinese government defined the "upper and lower limits" of the reasonable range ofeconomic performance in 2013. With a GDP growth rate of 7.5 percent, the "lower limit" isintended to ensure steady expansion and employment, and with the consumer price index ataround 3.5 percent, the "upper limit" is meant to prevent inflation.

Figures showed that China created more than 10 million new jobs in 2013 and inflation came inat 2.6 percent for the whole year.