Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

China offers silver lining after growth hits 13-year low

China offers silver lining after growth hits 13-year low

While Chinese ecomonic growth fell to its lowest level since 1999 last year, a rebound in the final quarter suggests the dragon could have more fire in 2013.

The Beijing-based National Bureau of statistics said the Chinese economy expanded by 7.8% last year as the combination of the financial crisis in the developed world and problems in its property market put the brakes on growth.

However, the economy grew by a forecast-beating 7.9% in the fourth quarter, a jump from the 7.4% rise in the previous three months and ending a contraction streak lasting nearly two years.

This growth was powered by investment in infrastructure projects and incentives to get encourage consumers to part with their cash. Industrial output grew by a stronger than expected 10.3% in December, while retail sales were 15% higher year on year.

'Overall growth is stabilising' the Bureau said in an accompanying statement.

Premier Wen Jiabao, who is being replaced by Li Keqiang in March, kept his forecast of 7.5% economic growth for 2013 matching the target he set for 2012.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter