China’s 7.7% GDP Growth Beats Official Target

China’s economy grew stronger-than-expected 7.7 percent in the final quarter of 2013 from the year-ago period, according to official data from the National Bureau of Statistics Monday. That’s ahead of a Reuters forecast of 7.6 percent.

Quarter on quarter, the world’s second biggest economy grew 1.8 percent, a tad weaker than the consensus 2 percent Reuters had predicted.  This brings full-year growth to 7.7 percent, compared to government’s target of 7.5 percent.

According to Viktor Shvets, head of strategy research for Asia at Macquarie, the growth figures are less important than the rebalancing the economy needs to achieve.


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