KPMG Quarterly Review of China’s Economic Globalization (Q4 2013 – Chinese)
KPMG Quarterly Review of China’s Economic Globali...
As KPMG had expected, China’s fourth quarter GDP growth rate was 7.7%, decreasing by 0.1 percentage point compared to the third quarter. For the full year 2013, GDP grew by 7.7%. Fixed asset investment was volatile and saw a year-on-year decline in growth. Full year 2013 consumption grew at a much slower pace, when compared to 2012, but recovered slightly at the end of the year. Foreign trade also experienced quite substantial volatility, especially due to abnormal expansion in the first four months, which was predicated on false exports to Hong Kong. Prior to end of June, monetary policy was relatively loose. However, the interbank lending rate and other interest rates increased substantially, causing liquidity in the financial system to dry up; in the short-term rates eased downward, but trended back up toward the end of the year.
In 2014, we expect that the government will introduce a series of reform measures, and GDP will continue to grow at a slightly slower pace of 7.6%. ODI continued to grow in 2013, and the gap between ODI and FDI became more narrow. Investment from the non-financial sectors in Russia, the US, Australia and Southeast Asia grew faster than in other regions; the US continued to attract the largest portion of Chinese investment, while energy and power was the largest recipient of China funds; private investors from China continued their interest in outbound investments, and were a significant contributor in North America and Europe; Ireland received relatively more attention from Chinese companies, as a channel into Europe.
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