| Forging Ahead | | Although the economic growth rate of 2013 dropped to its lowest point for the past 14 years, it remains more robust than the global average. The statistics on national economic development in 2013 released by the National Bureau of Statistics should strengthen people's confidence in the continuous improvement of the Chinese economy in 2014. | | more | | |
 | | Outstripping Expectations | | In 2013, the Chinese Government intensified economic restructuring, and the massive shutdown of outdated production capacity might well have caused economic downturn. But to guarantee an increase in the employment rate, China had to ensure the economy developed stably.
This seemingly paradoxical situation made the prognosis for economic growth rather pessimistic. However, the figures for 2013 showed that the Chinese Government has managed to balance economic transformation and growth. | | Full Story | |
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| Major Economic Developments in 2013 | - Foreign trade ranked world No.1
The volume of China's commodity trade reached $4.16 trillion, a figure which looks set to top the United States and place China first globally.
- Yuan appreciated unilaterally
The renminbi's exchange rate against the U.S. dollar hit a record high, and the yuan appreciated 3 percent throughout the year, three times the appreciation in 2012.
- Banks faced cash crunch
As China tightened its money supplies, large commercial banks also needed to borrow money. The interbank-offered rate hit record highs in late June. | |
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