According to the National Bureau of Statistics (NBS), China’s economy which is said to be the second largest economy of the world grew just 7.8 percent in 2012, which is the 13-year low. In the year 2010, the economy of China increased 10.4 percent.
NBS announced that there was not any crucial improvement in the economy of China. The figures by NBS came when Xi Jinping will soon be taking over as the new President of the country. Initially the economy was in a slow pace when the GDP grew 7.6 percent in 1999. The NBS however announced that the economy of the country was expected to grow at a stable pace in 2013.
Nevertheless, it is important to note that despite these figures revealed by the NBS, China showed a better performance than the other leading economies. The GDP of China reached 8.28 trillion dollar, which reinforced its rank as the second largest economy of the world. Even though the economy of China has stabilised itself but whether it will remain on the recovery path or not is still not clear. The Government of China, in May 2012 decided to make a transition from cultivating inflation to stabilising the growth.
The government stimulus measures which were introduced since 2012 also produced results. These measures have also helped in stabilising the growth of Chinese economy.