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China's economy slowing? It still posts highest growth

April 17, 2014 18:58 IST

China's economy slowing? It still posts highest growth

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K J M Varma in Beijing

Allaying concerns over the slowing down of the world's second largest economy, China on Thursday said its 7.4 per cent gross domestic product growth rate in the first quarter is still ‘the highest’ in the world and that it contributed to 30 per cent of global growth.

Latest IMF predictions say global economic growth is 3.6 per cent.

So compared to it, China's 7.4 per cent growth is still ‘the highest’, China's Foreign Ministry spokesperson Hua Chunying told a media briefing in Beijing.

She was replying to a question on slowing down of the Chinese economy which could adversely impact the world economy and trade.

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Image: Construction workers ride along a street at central Shanghai.
Photographs: Aly Song/Reuters

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Hua said China ‘has taken the lead’ in world economic development.

In 2013, it contributed close to 30 per cent of global economic growth, much higher than its GDP share in the world economy.

The world has a common responsibility to promote economic growth and all countries need to work together, Hua said.

Meanwhile, the Chinese Finance Ministry announced on Thursday that China's fiscal revenue climbed 9.3 per cent year-on-year in the first quarter of 2014 to reach 3.5 trillion yuan ($568.71 billion).

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Image: People dance with umbrellas during a celebration for the New Year of the Dai minority in Xishuangbanna, Yunnan province, April 14, 2014.
Photographs: Wong Campion/Reuters

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Central government revenue stood at 1.55 trillion yuan, up 6.4 per cent year-on-year while local government revenue stood at 1.95 trillion yuan, up 11.8 per cent from the same period last year, state-run Xinhua news agency quoted the ministry as saying.

However, last month saw a year-on-year decline of 1.4 per cent in central fiscal revenue as a result of slowing economic growth and increasing export tax rebates, according to the ministry.

The country's fiscal expenditure in the first three months of the year rose 12.6 per cent from the same period last year to 3.04 trillion yuan, the ministry said.

From January to March, double-digit expenditure growth was realised in agriculture, forestry, water conservancy, social security, employment, medical care and education.

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Image: Chinese currency.
Photographs: Reuters
Tags: Xinhua , China

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