China Focus: China’s GDP growth slows to 7.7 pct

%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20gross%20domestic%20product%20%28GDP%29%20growth%20unexpectedly%20slowed%20to%207.7%20percent%20in%20the%20first%20quarter%20of%202013%2C%20down%20from%207.9%20percent%20during%20the%20final%20quarter%20of%202012%2C%20data%20from%20the%20National%20Bureau%20of%20Statistics%20%28NBS%29%20showed%20on%20Monday.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20rate%20was%20weaker%20than%20most%20market%20forecasts%2C%20but%20still%20stayed%20above%20the%207.5-percent%20full-year%20target%20for%202013%20set%20by%20the%20government%20last%20month.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20preliminary%20statistics%2C%20the%20GDP%20totaled%2011.89%20trillion%20yuan%20%281.9%20trillion%20U.S.%20dollars%29%20in%20the%20first%20three%20months.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20fall-back%20in%20growth%20was%20mainly%20caused%20by%20complex%20international%20circumstances%20and%20the%20government%27s%20self-initiated%20microeconomic%20control%2C%22%20said%20NBS%20spokesman%20Shen%20Laiyun%20at%20a%20press%20conference%20in%20Beijing.%20He%20noted%20that%20growth%20rates%20between%207.4%20percent%20and%207.9%20percent%20were%20normal.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIncreases%20in%20urban%20new%20jobs%20and%20the%20number%20of%20new%20migrant%20workers%20in%20the%20first%20quarter%20showed%20a%20favorable%20situation%20of%20employment%2C%20which%20is%20a%20key%20index%20for%20the%20health%20of%20an%20economy%2C%20Sheng%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20GDP%20data%2C%20the%20first%20of%20its%20kind%20after%20the%20new%20government%20took%20office%20in%20March%2C%20have%20attracted%20wide%20market%20attention.%20Chinese%20Premier%20Li%20Keqiang%20said%20last%20week%20that%20China%27s%20economic%20operation%20has%20been%20generally%20stable%20so%20far%20this%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWhile%20effectively%20dealing%20with%20short-term%20issues%20and%20keeping%20reasonable%20growth%2C%20the%20government%20should%20focus%20more%20on%20promoting%20the%20transformation%20of%20the%20economy%27s%20growth%20pattern%2C%20the%20premier%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20full-year%20annual%20growth%20in%202012%20eased%20to%207.8%20percent%2C%20its%20weakest%20since%201999%2C%20due%20to%20volatile%20external%20markets%20and%20the%20government%27s%20domestic%20tightening%20to%20tame%20property%20prices%20and%20inflation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20data%20have%20continued%20a%20stabilizing%20growth%20trend%20that%20took%20shape%20late%20last%20year%2C%20showing%20that%20the%20new%20government%20does%20not%20put%20pursuing%20growth%20as%20its%20number-one%20task%2C%22%20said%20Wang%20Jun%2C%20an%20economist%20at%20the%20China%20Center%20for%20International%20Economic%20Exchanges.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%207.9-percent%20growth%20seen%20in%20the%20fourth%20quarter%20of%20last%20year%2C%20which%20ended%20a%20seven-straight-quarter%20slowdown%2C%20had%20then%20prompted%20strong%20expectations%20for%20the%20rebound%20to%20continue%20this%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20first-quarter%20growth%20fell%20short%20of%20market%20expectations%20due%20to%20slowed%20infrastructure%20construction%20during%20the%20cold%20winter%20and%20unstable%20export%20growth.%20A%20government%20frugality%20campaign%2C%20which%20targets%20to%20combat%20corruption%2C%20has%20undermined%20consumption%20growth%2C%20Wang%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20recently%20renewed%20government%20property%20control%20has%20also%20affected%20investment%20in%20the%20real%20estate%20sector%2C%20which%20once%20served%20as%20an%20important%20driver%20of%20the%20economy.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20government%20has%20been%20cautious%20in%20introducing%20policies%20to%20spur%20the%20economy%20for%20fear%20that%20a%20massive%20stimulus%20package%20like%20the%20one%20in%202008%20crisis%20would%20retrigger%20inflation.%20It%20stopped%20cutting%20interest%20rates%20late%20last%20year%20and%20resorted%20to%20increasing%20construction%20investment%20to%20shore%20up%20growth.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EBecause%20the%20government%20has%20said%20it%20will%20work%20to%20make%20real%20growth%20in%20tandem%20with%20the%20potential%20rate%2C%20which%20is%20estimated%20to%20be%20dropping%20from%20around%2010%20percent%20to%207-8%20percent%2C%20there%20is%20no%20need%20for%20a%20strong%20government%20push%2C%20said%20Zhang%20Liqun%2C%20an%20analyst%20from%20the%20Development%20Research%20Center%20of%20the%20State%20Council.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20economy%27s%20future%20gr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