China’s statistics bureau has revised down its estimate of 2014 economic growth to 7.3 per cent from 7.4 per cent, in a move set to revive concerns about the health of the country’s economy.
In a statement posted on its website, the National Bureau of Statistics said China’s gross domestic product last year was Rmb63.6tn ($10tn), down about Rmb32bn from its initial estimate in January. The bureau attributed the revision to a lower estimate for the country’s services sector, while industrial and agricultural output were both revised upwards.
China’s central bank surprised global markets last month with a 1.9 per cent devaluation of the renminbi, spooking investors who thought the move was aimed at boosting flagging exports and economic growth.