This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-27045527
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| China's economy grows 7.4% in 2014 Q1, better than forecast | |
| (35 minutes later) | |
| China's economy expanded by 7.4% in the first quarter of the year, better than what many were expecting. | China's economy expanded by 7.4% in the first quarter of the year, better than what many were expecting. |
| But it is a slowdown from 7.7% growth in the final quarter of last year. | But it is a slowdown from 7.7% growth in the final quarter of last year. |
| Other data released with the gross domestic product (GDP) figure showed industrial output rising 8.8% in March from one year ago. | Other data released with the gross domestic product (GDP) figure showed industrial output rising 8.8% in March from one year ago. |
| Last year China set its growth target for 2014 at 7.5%, part of efforts to stabilise the economy after years of fast-paced expansion. | Last year China set its growth target for 2014 at 7.5%, part of efforts to stabilise the economy after years of fast-paced expansion. |
| Retail sales for the month of March spiked by 12.2%, underscoring China's efforts to boost economic growth via domestic consumption. | Retail sales for the month of March spiked by 12.2%, underscoring China's efforts to boost economic growth via domestic consumption. |
| China's growth data is closely watched around the region. A slowdown could hurt Asian economies especially those which export commodities and industrial components to the world's second largest economy. | |
| A sluggish start for the year is not uncommon, due to the Lunar New Year holiday when many businesses and factories shut down operations for about two weeks. | |
| But recent data from the manufacturing as well as industrial sectors have been weak, raising fears of a prolonged slowdown. | |
| Economic boosters | |
| Amid these concerns, China has recently taken more steps to give a jolt to its economy. | |
| A mini-stimulus measure announced earlier this month will see Beijing extending a tax break for small and medium-sized companies, and ramping up spending on China's railway infrastructure. | |
| In addition, the mainland also took steps to open up its capital markets by announcing a tie-up with Hong Kong, allowing for cross-border stock investment. The pilot scheme is scheduled to take off in about six months. | |
| And in January, China launched a free-trade zone in Shanghai, seen as a test bed for reforms in key areas of the economy, such as the financial and telecom sectors which previously were tightly controlled by the government. | |
| China also said it will allow foreign firms to make gaming consoles within the free-trade zone and sell them across China - lifting a ban on gaming consoles which had been in place since 2000. |