China’s economic growth beat economists’ estimates last quarter, helping the full-year expansion remain close to the government’s target and suggesting stimulus efforts have started to boost demand.
Gross domestic product rose 7.3 percent in the three months through December from a year earlier, the statistics bureau said in Beijing, beating the median estimate of 7.2 percent in a Bloomberg survey of analysts. The economy expanded 7.4 percent in 2014, the slowest pace since 1990. The yuan rose and swap rates increased after the data.
The central bank cut interest rates for the first time in two years in November and the government accelerated the approval of infrastructure projects to boost an economy mired in a property slump and overcapacity. Robust external demand fueled by the U.S. recovery has helped underpin growth as the economy transitions away from investment-led expansion.
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