China 2012 GDP growth revised down to 7.7%
Updated: 2013-09-02 18:21
(Xinhua)
|
|||||||||||
BEIJING - 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), 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.
Related Stories
7.5% GDP growth 'in reach' 2013-08-01 03:28
Xi: Shake off GDP obsession in promoting officials 2013-06-30 01:19
Slowing GDP growth within govt tolerance 2013-07-15 15:35
GDP target in sight for 2013 2013-06-27 03:07
Government debt 50% of China's GDP: IMF 2013-05-30 01:14
JP Morgan cuts China's GDP growth forecast 2013-05-16 02:36
Today's Top News
Cooperation with Eurasia against terrorism urged
Assad slams Western accusation
Premier Li sees opportunities despite dispute
Xi's planned visit to Turkmenistan
Home prices keep rising in August
Banks rake in profits
Automakers look to drive sales overseas
Trading error dims Everbright's prospects
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Tin city explores economic shift |
Caught in the Web of rumor and innuendo |
Power points |
Magnetic attraction for
|
Urban push |
Summer Guide Special |