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China’s Economic Growth Picks Up
The Chinese economy, which grew 7.4% in July-September 2012, expanded 7.9% in the final three months of the year, according to the National Bureau of Statistics.
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The Chinese economy, which grew 7.4% in July-September 2012, expanded 7.9% in the final three months of the year, according to the National Bureau of Statistics.
The acceleration followed seven consecutive quarters of slowing growth. Analysts say the improvement was caused by state infrastructure investments and government stimulus measures to spur consumer spending and business borrowing.
For the full year, growth in China's gross domestic product decelerated to 7.8% the slowest rate in 13 years from 9.3% in 2011.
Separately, the statistics office reports that retail sales jumped 15.2% last month compared with December 2011. Industrial production climbed 10.3% year over year in December. For the 12-month period, retail sales rose 14% and industrial output gained 10%.
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