China Posts 7.7% Growth

Data released by the government shows that Chinese economy posted this year its slowest pace of growth in a decade and half. China’s National Bureau of Statistics revealed earlier this week that the GDP expanded 7.7 percent to 56.88 trillion yuan (9.31 trillion dollars) in the last financial year. “China’s economy showed good momentum of stable and moderate growth in 2013, which is a hard-earned achievement,” it was reported as saying. “However, we should keep in mind that the deep-rooted problems built up over time are yet to be solved in such a critical period for China’s economy to develop and transform,” it further added. This is however 0.2 percent better than what government had earlier predicted. The government has announced a series of measures to boost the economy.