China's economy expanded 7.8 percent in 2012, the slowest pace in 13 years, but it gained 7.9 percent in the October-December period, the first pickup in eight quarters.
The overall yearly rate was higher than the government target of 7.5 percent, with output hitting 51.93 trillion yuan (US$8.24 trillion), the National Bureau of Statistics said yesterday.
Although it was the slowest growth rate since 1999 and much weaker than 2011's 9.3 percent expansion, the economy recovered from the 7.4 percent pace in the third quarter that was the slowest in 42 months.
Bureau chief Ma Jiantang said China's economy had exhibited signs of stabilizing in many fronts including growth rate, employment and the strengthening position of agriculture.
But he warned: "Uncertainties around the world have affected the performance of China and may continue to cast a shadow over China's economy this year."
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said: "Faster implementation of China's fiscal programs after May last year, together with relaxed access for firms and local government financing vehicles to access the bond market, have propelled a steady recovery of the economy since September."
Of the 7.8 percent growth last year, consumption contributed 51.8 percent, surpassing investment's 50.4 percent, while net exports dragged it down by 2.2 percent. Though net exports have been a negative factor for the economy in the past three years, December's overseas shipments surged 14.1 percent.
But there was concern after inflation reached a seven-month high of 2.5 percent last month.
Last year, China's industrial production rose 10 percent year on year, down 3.9 percentage points from that in 2011.
Fixed-asset investment increased 20.6 percent to 36.5 trillion yuan, slower than 2011's 24 percent rise. Retail sales were up 14.3 percent to 20.7 trillion yuan, also less than the expansion of 17.1 percent a year earlier.
China has pared its growth rate target during the 12th Five-Year Plan (2011-2015) period to 7.5 percent from the previous 8 percent. But many economists forecast China's economic performance this year will be much stronger thanks to better consumption and increased investment.
The World Bank said China's growth could accelerate to 8.4 percent this year, and Lu Feng, director of the China Macroeconomic Research Center, predicted around 8.2 percent.
In the absence of a major stimulus like the one in 2008, the government has quickened the pace of infrastructure investment and provided incentives to encourage consumer spending.
China's manufacturing sector expanded 8.1 percent on an annual basis to 23.53 trillion yuan last year, while the service sector also grew 8.1 percent to 23.16 trillion yuan. The agricultural sector edged up 4.5 percent to 5.24 trillion yuan.
Disposable income of urban residents increased 12.6 percent to 24,565 yuan last year, while that of rural residents grew to 7,917 yuan, up 13.5 percent from a year earlier.
The overall yearly rate was higher than the government target of 7.5 percent, with output hitting 51.93 trillion yuan (US$8.24 trillion), the National Bureau of Statistics said yesterday.
Although it was the slowest growth rate since 1999 and much weaker than 2011's 9.3 percent expansion, the economy recovered from the 7.4 percent pace in the third quarter that was the slowest in 42 months.
Bureau chief Ma Jiantang said China's economy had exhibited signs of stabilizing in many fronts including growth rate, employment and the strengthening position of agriculture.
But he warned: "Uncertainties around the world have affected the performance of China and may continue to cast a shadow over China's economy this year."
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said: "Faster implementation of China's fiscal programs after May last year, together with relaxed access for firms and local government financing vehicles to access the bond market, have propelled a steady recovery of the economy since September."
Of the 7.8 percent growth last year, consumption contributed 51.8 percent, surpassing investment's 50.4 percent, while net exports dragged it down by 2.2 percent. Though net exports have been a negative factor for the economy in the past three years, December's overseas shipments surged 14.1 percent.
But there was concern after inflation reached a seven-month high of 2.5 percent last month.
Last year, China's industrial production rose 10 percent year on year, down 3.9 percentage points from that in 2011.
Fixed-asset investment increased 20.6 percent to 36.5 trillion yuan, slower than 2011's 24 percent rise. Retail sales were up 14.3 percent to 20.7 trillion yuan, also less than the expansion of 17.1 percent a year earlier.
China has pared its growth rate target during the 12th Five-Year Plan (2011-2015) period to 7.5 percent from the previous 8 percent. But many economists forecast China's economic performance this year will be much stronger thanks to better consumption and increased investment.
The World Bank said China's growth could accelerate to 8.4 percent this year, and Lu Feng, director of the China Macroeconomic Research Center, predicted around 8.2 percent.
In the absence of a major stimulus like the one in 2008, the government has quickened the pace of infrastructure investment and provided incentives to encourage consumer spending.
China's manufacturing sector expanded 8.1 percent on an annual basis to 23.53 trillion yuan last year, while the service sector also grew 8.1 percent to 23.16 trillion yuan. The agricultural sector edged up 4.5 percent to 5.24 trillion yuan.
Disposable income of urban residents increased 12.6 percent to 24,565 yuan last year, while that of rural residents grew to 7,917 yuan, up 13.5 percent from a year earlier.
