By Dawn Wang
Image credit: @dcschreiner.
China’s registered gross domestic product grew by 7.7 percent in the last year, reaching 11.9 trillion yuan the National Bureau of Statistics reported Monday. Growth dropped from 7.9 percent in the last quarter of 2012, it also appears that growth this year will below that forecast by analysts.
The official report states that China’s economic growth in the first quarter is “sound and steady”, according to the China Daily. Official spokesman Sheng Laiyun also said that missing projectedd growth targets in the first quarter will not stop China from attaining its annual GDP growth target of 7.5 percent as the job market continues to generate new opportunities.
While retail-sales growth is inline with the level forecast, industrial value-added output grew less than expected, Xinhua reports. Despite slowing growth, real estate investment in China still increased over 20 percent compared to the same period last year, which might cause what many regard as unsustainable housing prices to rise even more.
The Shanghai Composite Index was down by more than one percent after the GDP report. Hong Kong shares also dropped, Reuters reports.