China: 2013 GDP Beats Target; Asian Stocks Sell Off

January 20th, 2014
in econ_news, syndication

Econintersect:  China's GDP for the fourth quarter grew by 7.7% year-over-year.   breakingnews130pxThis was higher than the 7.5% government target for 2013 and also beat the 7.6% consensus estimate by economists.  The government revised the growth for 2012 down to 7.7%.  This caused CNN Money to use the term "stagnating" in reference to Chinese economic growth.  If repeated annual economic growth of 7.7% is stagnation the entire world should stagnate.  The South China Post headline used "flat" to describe the growth which may be a better term, but what is wrong with "sustained"?

Follow up:

Some other economic numbers from China for December 2013:

  • Industrial output grew 9.7% year-over-year;
  • Retail sales rose 13.6% y-o-y;

Fixed-asset investment grew 19.6% for the entire year 2013.

Reported numbers were all slightly below estimates and less than the corresponding periods a year ago.

Bloomberg reports that Asian stock markets are generally down fractionally to more than 1% following the Chinese data releases.

John Lounsbury


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