China sees growth slowing to 7.6% this year

|By:, SA News Editor

China reportedly estimates that growth slowed for the third successive year in 2013, dropping to 7.6% from 7.7% in 2012 but coming in above the government's target of 7.5%.

Economists estimate that China will expand 7.6% this year and 7.4% in 2014. The government is reportedly set to keep its growth target at 7.5% next year, the same as that for 2013.

Challenges that China has identified include an uncertain global recovery, worsening pollution and social conflicts, and rising labor and environmental costs.

In order to deal with the problems of a contracting labor force, China plans to raise the retirement age by five years over the next several years; at the moment, it's 60 for men and 55 for women.

The Shanghai Composite is -1.6% in thin trading amid continuing concerns about conditions in the money markets, which had tightened sharply last week and early this week before easing.

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