Article by ForexTime
China grows at the slowest pace since 1990 as Gross Domestic Product (GDP) comes in at 7.4 percent for 2014. The fourth quarter figure on an annual basis came in at 7.3 percent and was higher than the median estimate of 7.2 percent and in line with the government’s target of about 7.5 percent. The yuan and local stocks advanced after the release.
It was evident from the data that the Chinese government’s stimulus efforts began kicking in late last year, boosting industrial production and retail sales, and helping full-year economic growth come close to Beijing’s target.
Markets should breathe a sigh of relief as the economy enters 2015 in a better shape than had been expected. The data lowers the need for further stimulus, but there remains some room for easing as risks are skewed to the downside.
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