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Statistics bureau official says economic fundamentals ‘healthy’
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China's economic fundamentals remain “healthy” as the economy contained more value, created more jobs and had stable inflation even though it grew at a slower pace last year, Deputy Director of the National Bureau of Statistics Xie Hongguang said today.
"Economic growth didn’t lose momentum nor change to a wrong gear," Xie said in a report summarizing the country's 2014 economic performance.
Gross domestic product expanded 7.4 percent from a year earlier to 63.6 trillion yuan (US$10.4 trillion) in 2014. The pace was the slowest in 24 years as the country entered a phase of "new normal" economic growth.
But the country managed to create 13.22 million jobs against the background of a decelerating economy, which surpassed the target of 10 million jobs.
Inflation was 2 percent while trade rose 2.3 percent even though external demand remained sluggish.
"China's economic fundamentals remain healthy... the growth is more sustainable due to reform efforts," added Xie.
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