China 2012 GDP Growth Revised Down to 7.7 pct
    2013-09-02 18:09:55     Xinhua      Web Editor: Xing Yihang
China's GDP growth for 2012 has been revised downward by 0.1 percentage point to 7.7 percent, the National Bureau of Statistics announced on Monday.

China's statistics authority on Monday lowered the country's growth rate for 2012 to 7.7 percent based on its preliminary verification.

The revised gross domestic product (GDP) came in at 51.89 trillion yuan (8.41 trillion U.S. dollars), down 38 billion yuan from the preliminary calculation figure that put the annual rate at 7.8 percent, the National Bureau of Statistics (NBS) said in a statement.

Primary industries took up a 10.1-percent share in the GDP structure, while the secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent, respectively, remaining unchanged from the preliminary calculation.

The NBS calculates each year's GDP three times -- preliminary calculation, preliminary verification and final verification that is due several months later.

Last year marked the slowest growth for China since 1999 due to external and internal factors, and the weak strength extended into 2013, with growth easing to 7.6 percent during the January-June period, slightly above the government's annual growth target of 7.5 percent.

Instead of initiating a massive stimulus program to lift the economy, the authorities are moving cautiously, including speeding up shantytown renovation, accelerating railway and infrastructure investments and reducing taxes for small businesses, to steady growth while driving through reforms for long-term good.

As these policies filter through, China's economy is showing mounting signs of stabilization in the third quarter. Among the latest evidence, the official Purchasing Managers' Index for the manufacturing sector rose to 51.0 percent in August from 50.3 percent in July, the highest reading this year.

In light of the positive signs, Deutsche Bank has recently raised its forecast for China's GDP growth in the second half to 7.7 percent from its previous estimate of 7.6 percent, and Credit Suisse tuned up the annual growth forecast from 7.4 percent to 7.6 percent.

Share

                  


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. All rights reserved. Reproduction of text for non-commercial purposes only is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Audio Reports more »
Biz Life more »
Policy more »
Markets more »

• China
China News
Chinese Press
Diplomatic
Society
Gallery
• World
Asia-Pacific
Europe
Americas
Middle East
Africa
• Video
Traveller
Culture Heritage
Beyond Stardom
Dynamic China

Life 360
Panoramic Sports
• Radio
Highlights
Livecast
Ways to Listen
• Business
Audio
Markets
Editor's Choice
Biz Photo
Special Coverage
• Travel
Destinations
Editor's Pick
What's in
On the Road
• Showbiz
Chinese Films
Music & Stage
Art & Literature
Video
Photo Gallery
Special Coverage
• Language Learning
Ask Pingping and Jules
Chinese Studio
Elementary Chinese
Pop Charts
English News
English Snippets