The Gross Domestic Product (GDP) of China decelerated to 7.7 percent in 2013-14. It is the slowest GDP growth rate clocked by China in last 14 years. This was revealed by the data released by the National Bureau of Statistics of China on 20 January 2014.
The deceleration in the GDP growth was on account of poor performance of the Chinese economy in the final quarter of 2013. In the final quarter of 2013 the Chinese economy grew by 7.7 percent compared to the 7.8 percent in the third quarter of 2013.
The decline in the GDP growth in the last quarter was due to fall in exports, investment and factory output. The fall in these sectors was contributed by global and domestic factors.
However, the actual performance of the economy came out to be slightly better than the 7.5 percent GDP growth projected by the Chinese government.
The low growth in the world's second largest economy has caused serious anxiety across the globe and pushed down prices of Asian stocks.