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China economy seen growing at slowest rate in 13 years China's economy grows at its slowest rate in 13 years
(35 minutes later)
China, the world's second-largest economy, is expected to have grown at its slowest pace in 13 years after global and domestic demand waned. China's economy, the world's second largest, has grown at its slowest pace in 13 years as domestic and global demand weakened.
The bureau of statistics is due to release its latest economic figures at 10:00 local time (02:00 GMT). Gross domestic product, the main measure of growth, increased by 7.8% in 2012, down from 9.3% in 2011.
Gross domestic product, the main measure of the size and output of the economy, is seen increasing by about 7.7% in 2012. However, the figures also showed that the economy picked up pace in the last three months of the year.
That would be the slowest rate of growth since 1999. Economic stability is seen as vital for China as a new leadership takes over in March.
China's economy has been hurt by a number of factors. Slower growth in the US and Europe have seen demand soften for Chinese products. At the same time, China has struggled to stoke its domestic demand. China's economy has been hurt by a number of factors.
Slower growth in the US and Europe have seen demand soften for Chinese products. At the same time, China has struggled to stoke its domestic demand.
The government also took measures to cool the property market amid fears that a bubble was developing, something that also impacted the speed at which the economy expanded.The government also took measures to cool the property market amid fears that a bubble was developing, something that also impacted the speed at which the economy expanded.
Pick up? However, in the past few months, there have been increasing signs that growth is rebounding.
However, in the past few months, there have been increasing signs that growth is picking up. Friday's data showed that growth in the last three months of 2012 came in at 7.9%, up from 7.4% in the previous three months.
Last week, China reported better-than-expected trade data, saying that exports had jumped by more than 14% in December.
At the same time, the country's services sector, which includes construction and accounts for nearly 43% of China's overall economic output, expanded at its fastest pace in four months in December.
Industrial production, retail sales and fixed-asset investment were all up in November, while new home prices rose in 53 out of 70 major cities in China that month, from the previous month. That was up from 35 cities which recorded price rises in October.