China's economy grew 7.9 percent year-on-year in the October-December quarter of 2012, up from the previous quarter's 7.4 percent rise, official data showed Friday. Gross domestic product (GDP) registered the first expansion in eight quarters, the National Bureau of Statistics (NBS) said on its Website.
But the growth for the whole year of 2012 slowed to 7.8 percent compared to a 9.3 percent gain in 2011, dipping below the 8-percent level for the first time since 1999 on slowing exports due to the European debt crisis. GDP rose 7.
6 percent in the second quarter and 8.1 percent in the first quarter. The Chinese government lowered the full-year growth target for 2012 to 7.5 percent from 8 percent set in early 2012.
"I think the economy's growth has been stabilized, but whether the rebound will continue remains unclear," said Zhang Liqun, an analyst with the Development Research Center of the State Council, according to state-run Xinhua News Agency. China's major economic risks in 2013 still lie in uncertainties in its external markets and domestic property sector, Zhang was quoted as saying.