China estimates 2013 growth slowed to 7.6 percent

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Associated Press

Posted on December 25, 2013 at 11:03 PM

Updated Thursday, Dec 26 at 2:04 AM

BEIJING (AP) — A Chinese state news agency says the Cabinet has estimated this year's economic growth edged down to 7.6 percent and warned it faces pressure to decline further.

The Xinhua News Agency on Thursday cited a Cabinet report to China's legislature that said growth declined from 7.7 percent in 2012. That was above the ruling Communist Party's target of 7 percent growth in its latest five-year development plan.

The report said growth faces potential challenges including an uncertain global environment and excess production capacity in some industries.

The minister in charge of the Cabinet's planning agency, Xu Shaoshi, is quoted as saying that the government cannot deny a downward pressure on economic growth.

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