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| China's economy grows at its slowest rate in 13 years | China's economy grows at its slowest rate in 13 years |
| (35 minutes later) | |
| China's economy, the world's second largest, has grown at its slowest pace in 13 years as domestic and global demand weakened. | China's economy, the world's second largest, has grown at its slowest pace in 13 years as domestic and global demand weakened. |
| 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 growth, increased by 7.8% in 2012, down from 9.3% in 2011. |
| However, the figures also showed that the economy picked up pace in the last three months of the year. | However, the figures also showed that the economy picked up pace in the last three months of the year. |
| Economic stability is seen as vital for China as a new leadership takes over and tries to lift living standards. | |
| Rajiv Biswas, from IHS Global insight, says that the slowdown in growth is to be expected and the days of China's blisteringly fast growth look to be over as it moves from a low-income country to a middle-income one. | |
| "For 30 years, China grew at about 10% on average, but the Chinese economy is now in transition," he explained. | |
| "They have an ageing population and declining marginal productivity of capital. These are longer-term trends that mean they cannot grow at 10% forever." | |
| Mr Biswas expects growth to average between 7% and 8% over the next few years, which is in line with government expectations. | |
| However, along with the longer-term reasons for the slowdown, there are some other factors affecting China in the short term as well. | |
| 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. | 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. |