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China's 2014 GDP revised from 7.4pc to 7.3pc, late but still on target
CHINA's National Bureau of Statistics has announced it had revised the country's 2014 growth rate to 7.3 per cent from 7.4 per cent, The Wall Street Journal reported.
The bureau cited the chief reason for the change as the services sector, which it said had grown by 7.8 per cent rather than 8.1 per cent. That meant a drop of CNY32.4 billion (US$5 billion) for the country's gross domestic product to CNY63.614 trillion.
China's aim was 7.5 per cent growth this year. If this is the start of more meaningful revision process by the statistics bureau, it could bring Chinese practices more in line with other countries, even if the information is released several quarters late, economists said.
The bureau cited the chief reason for the change as the services sector, which it said had grown by 7.8 per cent rather than 8.1 per cent. That meant a drop of CNY32.4 billion (US$5 billion) for the country's gross domestic product to CNY63.614 trillion.
China's aim was 7.5 per cent growth this year. If this is the start of more meaningful revision process by the statistics bureau, it could bring Chinese practices more in line with other countries, even if the information is released several quarters late, economists said.
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