Saturday, May 30, 2015, 8:06 AM CST – China

News Brief

Economy

China Issues Q1 GDP

31 of China’s provinces, municipalities and autonomous regions published in early May their GDP data for the first quarter of 2013, showing an average growth higher than the national level of 7.7 percent.

Though their respective total GDPs remained low, Yunnan and Guizhou, two ethnically diverse provinces in China’s southwest, topped GDP growth with 12.6 percent. Meanwhile, economic giants like Beijing, Shanghai, Guangdong and Zhejiang provinces were left at the bottom, indicating an obvious slowdown.

The trend appears to be spreading nationwide, with 21 regions registering slower GDP growth than last year, implying that China is still in need of an effective and sufficient stimulus to invigorate its economy.

Analysts have called for the promotion of the service industries to stimulate the economy. According to a report on BRICS (Brazil, Russia, India, China and South Africa) countries issued by the China Academy of Social Sciences in March, China was the only country of the group whose service industries accounted for less than 50 percent of its GDP.

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