Beijing, April 15 (IANS) China’s gross domestic product (GDP) was 7 percent higher at the end of the first quarter in 2015 compared with the same period in 2014, the Chinese National Bureau of Statistics said Wednesday.
Growth figures reflected the lowest quarterly increase in six years.
The figure indicates “a stable start” to the year “in the face of a complicated international situation and downward pressures” in the international economy, the bureau spokesperson presenting the results said, according to Efe news agency.
He added that the Chinese government “continues leading efforts” to establish a new more moderate but more sustainable growth model, “focused on improving efficiency and giving priority to structural adjustment”.
A 7 percent annualised growth rate for the quarter was three-tenths lower than in the preceding quarter and the slowest since the first quarter of 2009, when China felt the full effects of the global financial crisis.
The figures reported on Wednesday show an inter-annual increase in industrial production of 6.4 percent, while investment in fixed assets grew by 13.5 percent.
In addition, retail sales climbed 10.6 percent and investment in housing advanced 8.5 percent between January and March this year.
The Chinese government announced in early March a 7 percent target for economic growth this year, compared to 7.4 percent in 2014, with boosts to structural reforms and the financial sector to lead the transformation of the country’s economic model.
According to the International Monetary Fund’s Tuesday forecasts, Chinese GDP will grow 6.8 percent this year, while the World Bank said Monday it anticipates a growth of 7 percent.
Chinese Prime Minister Li Keqiang acknowledged on Tuesday that China faces “increasing pressure” of an economic slowdown, adding that it must be prepared for “major difficulties”.