- Chinese GDP slowed to +7.7% on year in Q4 from +7.8% in Q3 but topped consensus of +7.6%.
- On quarter, GDP +1.8% vs +2.2% and +2%.
- 2013 GDP +7.7%, as in 2012.
- Industrial production +9.7% on year in December vs +10% in November and forecasts of +9.8%.
- Retail sales +13.6% +13.7% and +13.6%.
- Urban fixed-asset investment +19.6% vs +19.9% and +19.8%.
- The value of new homes sold jumped 27% in 2013 to 6.8T yuan ($1.1T), the first time the figure has passed $1T (see also).
- The slowdown in growth comes as the Chinese government starts to implement a major reform program aimed at rebalancing the economy away from heavy industry and exports more towards economic liberalism and consumption while at the same time trying to cool a sizzling housing sector and reining in soaring debt.
- "Urbanization and investment demand are leading to rising sales volumes, while prices continue to gain," says economist Dariusz Kowalczyk. "China's growth remains heavily dependent on the real estate market."
- Growth has been "fairly resilient," says SocGen economist Yao Wei. "It is more of the outlook that we worry about, especially with the financial risk in the system."
- The Shanghai Composite is -0.7% and the Hang Seng is -0.8%.
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Chinese economy slows in Q4
Jan 20 2014, 02:08 ET