Interest rates in China’s money markets stabilised on Thursday but concerns remain over high levels of debt in the economy at a time when growth is slowing and the central government is predicting a third consecutive year of slowdown.
China’s economy is expected to have grown 7.6 per cent in 2013 from a year earlier, according to a report submitted by the State Council, China’s cabinet, to the country’s largely ceremonial parliament this week.
If the forecast is correct, it will be the lowest growth rate for the world’s second-largest economy since 1999 –when the economy also expanded by 7.6 per cent – and lower than 2012’s expansion of 7.7 per cent.
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