The National Bureau of Statistics revised GDP downward by 32.4 billion yuan with final confirmation and possible lower figures next January. This indicates the weakest annual expansion in 24 years. The central bank admitted to “bubbles”, but said the turmoil was almost over.

Beijing (AsiaNews/Agencies) – China on Monday cuts its GDP growth figure for last year by ten basis points to 7.3 per cent.

The National Bureau of Statistics lowered the figure from the 7.4 per cent announced in January after a “preliminary confirmation”.

The revised gross domestic product for 2014 based on preliminary verification came in at 63.61 trillion yuan (US$ 10 trillion), down by 32.4 billion yuan (US billion).

Primary industries accounted for 9.2 per cent of the GDP structure, unchanged from the preliminary calculation. The secondary sector accounted for 42.7 per cent of GDP, up 0.1 percentage points from the preliminary calculation, whilst the tertiary sector accounted for 48.1 per cent, down 0.1 percentage point from the earlier statistics.

A final confirmation is expected in January, which means that figures could be further lowered.

Last year marked the weakest annual expansion for China in 24 years due to a housing slowdown, softening domestic demand and unsteady exports. Growth further slowed to 7 per cent in the first half of 2015 as the country braces for a "new normal" period of slower growth but higher quality.

In a message to reassure the market, the National Development and Reform Commission said that the world’s second largest economy is stabilising, as indicated by improving rail freight and real estate market data.

The central bank governor, Zhou Xiaochuan, admitted at a G20 meeting of finance ministers and central bank governors in Ankara that there had been “bubbles” on the exchanges, but said the summer turmoil was almost over.

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