Skip to main content

China's economy grows 7.8% for 2012, better than expected

By Ramy Inocencio, for CNN
January 18, 2013 -- Updated 0346 GMT (1146 HKT)
STORY HIGHLIGHTS
  • China's economy grew 7.9% in the fourth quarter, slightly better than expectations
  • The world's second largest economy grew 7.8% for the year in 2012
  • Fourth quarter growth rate bucked seven straight quarters of declines

(CNN) -- China's economic growth rose in the fourth quarter of 2012, helping the world's most populous nation end the year with a growth rate of 7.8%, according to figures released Friday from the National Bureau of Statistics.

Last quarter, China's economy grew at a pace of 7.9%, slightly better than analyst expectations and breaking a pattern of seven straight quarters of decline.

China's growth rate had been steadily falling since the fourth quarter of 2010, when economic output grew 9.8%. The slowing growth rate bottomed out in the third quarter of 2012, when China's economy only grew at 7.4%.

Last March, Chinese Premier Wen Jiabao lowered the country's 2012 growth target from 8% to 7.5%. While such growth would be the envy of most nations, China's economy has grown at an average rate of about 10% each year for the past 30 years. This has helped propel China to become the world's second largest economy, just behind that of the United States.

China's leaders are widely expected to maintain its 7.5% growth target into 2013.

Adding to Friday's better-than-expected growth figures, China's industrial production increased to 10.3% year-on-year versus expectations of 10.2% growth. Retail sales rose 15.2% year-on-year, also a 0.1% point increase over expectations.

ADVERTISEMENT
Part of complete coverage on
See CNN's complete coverage on China.
July 31, 2014 -- Updated 0410 GMT (1210 HKT)
President Xi Jinping's campaign to punish corrupt Chinese officials has hit its biggest target -- where can the campaign go from here?
July 30, 2014 -- Updated 0712 GMT (1512 HKT)
All you need to know about the tainted meat produce that affects fast food restaurants across China, Hong Kong, and Japan.
July 18, 2014 -- Updated 0230 GMT (1030 HKT)
Some savvy individuals in China are claiming naming rights to valuable foreign brands. Here's how companies can combat them.
July 16, 2014 -- Updated 0911 GMT (1711 HKT)
Is Xi Jinping a true reformist or merely a "dictator" in disguise? CNN's Beijing bureau chief Jaime FlorCruz dissects the leader's policies
July 8, 2014 -- Updated 0344 GMT (1144 HKT)
With a population of 1.3 billion, you'd think that there would be 11 people in China who are good enough to put up a fight on the football pitch.
July 4, 2014 -- Updated 0631 GMT (1431 HKT)
26-year-old Ji Cheng is the first rider from China to compete for competitive cycling's highest honor.
July 7, 2014 -- Updated 1124 GMT (1924 HKT)
China's richest man, Wang Jianlin, may not yet be a household name outside of China, but that could be about to change.
July 3, 2014 -- Updated 2357 GMT (0757 HKT)
When President Xi Jinping arrives in Seoul this week, the Chinese leader will have passed over North Korea in favor of its arch rival.
July 1, 2014 -- Updated 0656 GMT (1456 HKT)
The push for democratic reform in Hong Kong is testing China's "one country, two systems" model.
June 30, 2014 -- Updated 1156 GMT (1956 HKT)
Along a winding Chinese mountain road dotted with inns and restaurants is Jinan Orphanage, a place of refuge and site for troubled parents to dump unwanted children.
June 26, 2014 -- Updated 0836 GMT (1636 HKT)
CNN's Kristie Lu Stout invites Isaac Mao, Han Dongfang, and James Miles to discuss the rise of civil society in China and social media's crucial role.
June 26, 2014 -- Updated 0334 GMT (1134 HKT)
Chen Guangbiao wants rich people to give more to charity and he'll do anything to get their attention, including buying lunch for poor New Yorkers.
June 26, 2014 -- Updated 1144 GMT (1944 HKT)
Architects are planning to build the future world's tallest towers in China. They're going to come in pretty colors.
June 23, 2014 -- Updated 1147 GMT (1947 HKT)
Anna Coren visits Yulin's annual dog meat festival. Dogs are part of the daily diet here, with an estimated 10,000 dogs killed for the festival alone.
June 19, 2014 -- Updated 0638 GMT (1438 HKT)
People know little about sex, but are having plenty of it. We take a look at the ramifications of a lack of sex education in China.
June 16, 2014 -- Updated 1614 GMT (0014 HKT)
A replica of the Effel Tower in Tianducheng, a luxury real estate development located in Hangzhou, east China's Zhejiang province.
What's the Eiffel Tower doing in China? Replica towns of the world's most famous monuments spring up all over China.
ADVERTISEMENT