China Breaks Decline in Economic Growth

Posted January 18th, 2013 at 12:35 am (UTC-5)
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Chinese officials say the country's economic growth rose to 7.9 percent in the fourth quarter of 2012, ending seven straight quarters of slowing down.

The National Bureau of Statistics Friday said the growth rate for the period October through December was up from 7.4 percent the previous quarter. It said this brought the growth rate for the year to 7.8 percent, China's weakest since the 1990s.

The bureau said China's gross national product reached the equivalent of $8.28 trillion last year, cementing the country's position as the second-largest economy in the world, behind the United States.

In its statement, the bureau said China's overall economic performance is “getting stabilized,” and analysts say they expect the country's recovery to be sustained through 2014.