China's economy grew 7.7% in 2013 percent year-on-year

Jan. 19, 2014 at 11:57 PM

BEIJING, Jan. 19 (UPI) -- China's economy grew 7.7 percent in 2013 from the previous year, or better than the government's target of 7.5 percent, official data showed Monday.

The year-on-year growth in the gross domestic product of the world's second-largest economy was unchanged from 2012.

In releasing the figures on its website, the National Bureau of Statistics said China's economy faced "increasingly complicated and severe external and internal conditions" last year.

"As a result, the overall national economic performance showed good momentum of stable and moderate growth," it said.

Giving the quarterly breakdown of GDP growth last year, the bureau said it was 7.7 percent in the first quarter, 7.5 percent in the second, 7.8 percent in the third and 7.7 percent in the fourth quarter.

China's gross domestic product reached 56.88 trillion yuan ($9.31 trillion) in 2013, up from the revised 51.95 trillion yuan ($8.52 trillion) in 2012.

The country recorded a trade surplus of $259.75 billion in 2013. Its total trade last year hit $4.16 trillion, up 7.6 percent from 2012.

The Wall Street Journal reported economists, noting China's slowdown of GDP growth in the fourth quarter to 7.7 percent from 7.8 percent in the third quarter, said they expect the economy to slow further this year.

The country's leaders have said they are committed to implementing various reforms to reduce the economy's reliance on investments and trade by encouraging domestic spending.

CNNMoney said the GDP growth this year is expected to slow to 7.4 percent.

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