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Press conference on economic data in 1st quarter Source: cntv.cn

Concerns as growth dips to 7.7% China's economy lost momentum in the first quarter, according to figures released Monday by the nation's top statistics bureau, heightening concerns over the ability of the Chinese economy to serve as the primary driver of the  global economic recovery. Overall economic development was stable in the first quarter of 2013 According to the preliminary estimation, the gross domestic product (GDP) of China in the first quarter of this year was 11,885.5 billion yuan, a year-on-year increase of 7.7 percent.

Data in Q1

GDP growth

 

China's Q1 GDP growth slows to 7.7 pct

China's gross domestic product (GDP) growth unexpectedly slowed to 7.7 percent in the first quarter of 2013, data from the National Bureau of Statistics showed on Monday.

Year-on-year GDP growth in first quarter of 2013

 

Source: stats.gov.cn - Globaltimes.cn

Retail sales China's retail sales grew 12.4 percent year on year to 5.5451 trillion yuan ($887.22 billion) in the first quarter of 2013.	Industrial output China's industrial value-added output growth eased to 9.5 percent year on year in the first quarter of 2013.	Business climate index China's business climate index, a major gauge of the country's macroeconomic outlook, advanced to 125.6 points January-March.
Fixed-asset investment China's urban fixed asset investment in the first quarter of 2013 showed a 20.9-percent rise from the same period last year to 5.81 trillion yuan ($929.47 billion).	Fiscal revenue The nation's fiscal revenue grew6.9 percent year on year to 3.2 trillion yuan ($513 billion) in the first quarter, slowing from the 14.7-percent rate seen in the same period last year.	SME development index The SME development index and the profit index for the first three months both gained 4.4 points to 95.2 and 76.7 respectively.
Power consumption China's electricity consumption in the January-March period rose 4.3 percent year on year to 1.21 trillion KWH.	Railway infrastructure investment China's investment in railway infrastructure rose 28 percent to 54.51 billion yuan ($8.65 billion) in the first three months of the year.  Source: caijing.com.cn	Trade deficit China registered a higher-than-expected trade deficit of close to $1billion in the first quarter, representing a remarkable 13.4% year-on-year rise. Source: caijing.com.cn

Previous Forecast

ADB expects China's economy to grow by 8.2 pct in 2013
A report released here Tuesday by the Asian Development Bank (ADB) said China is set to post a GDP growth of 8.2 percent in 2013 due to strong consumption and assuming China continues boost in public spending, the U.S. economy continues its slow recovery and conditions in the eurozone will not worsen.

OECD sees China 2013 GDP at 8.5%, urges "green economy"
The OECD's Secretary-General, Angel Gurria, spoke to our reporter Martina Fuchs in Beijing, and said he expects China's GDP growth to pick up to 8.5 percent this year and reach around 9 percent in 2014.
Source: cntv.cn

China total credit outstanding likely to top 240% of GDP in 2013: Zerohedge
Total credit outstanding in China is expected to rise to a whopping 240% of GDP in 2013, and continues to rise at a faster pace which would lead to mass debt defaults, according to a Zerohedge article.
Source: caijing.com.cn

Commentary

 Lin Yifu, former Chief Economist of the World Bank  
"The average income in China has been steadily rising the past few years and the government has decided to implement the strategy of 'Going Global'. I'm excited to see that, as it is very important to the global economic recovery. The world economy needs development. Those moves will promote the peaceful development of the world economy."
Source: cntv.cn

 Yi Xianrong, a researcher from the Chinese Academy of Social Sciences
"Despite efforts to liberalize interest rates, Chinese financial authorities are still firmly in control of fluctuations between deposit and loan rates, leaving banks with enough space to profit from the difference between the two."

 John Ross, visiting Professor at  Antai College, Shanghai Jiao Tong University and  senior fellow with the Chongyang Institute for Financial studies, Renmin University
"Disappointing 7.7% GDP figures shows negative consequences of wrong policy of attempting to increase % of consumption in GDP. This reduces profits & investment, & slows economy. Result is consumption & living standards will grow more slowly. Theoretical confusion damages economy."
 
"Disappointing industrial production growth of 8.9% also shows negative consequences of wrong policy of attempting to increase % of consumption in GDP. This reduces industrial profits & investment & slows economy. Result is consumption & living standards will grow more slowly."

 Chris Rynning, CEO of Origo PLC
"China's service industries expanded at a faster pace in March, supporting growth. The non-manufacturing PMI rose to 55.6 in March from 54.5 in February. Don't forget that services accounted for “only” 45% of China's GDP in 2012, with the government targeting 47% by 2015."

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