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 That leaves growth in the Chinese economy at 7.7 percent for all of
2013, unchanged from revised levels in 2012.
The fourth-quarter growth rate compared with 7.6 percent forecast by
analysts in a Reuters poll but eased from 7.8 percent in the
previous three months.
On a quarterly basis, gross domestic product (GDP) rose 1.8 percent
from July-September, slower than expectations for 2.0 percent and a
reading of 2.2 percent in April-June.
"The economy may be a little more robust than people thought coming
into 2014. I had thought the monetary tightening in 2013 would pose
a downside risk in 2013. The numbers reduce that downside risk,"
said Tim Condon at ING in Singapore.
"I don't see any evidence of an (economic) rebalancing last year. It
doesn't look like there's any reduction in the current account
surplus and the savings and investment gap probably didn't change."
Still, analysts say activity could cool further this year if China's
efforts to increase domestic consumption at the expense of exports
and investment gather pace.
Other key risks include policymakers' success in executing reforms
and Beijing's prolonged battles to clamp down on risky lending,
soaring home prices and a mountain of local government debt.
The Australian dollar firmed slightly after the data while most
Asian stock markets pared early losses.
MOMENTUM EASING
After 30 years of sizzling double-digit economic growth that lifted
many millions of Chinese out of poverty but also devastated the
environment, China wants to change tack by embracing sustainable and
higher-quality development instead.
Any change is expected to come at a cost of more muted economic
growth, a price Beijing says it is willing to pay.
Fixed-asset investment in January-December, a main driver of China's
economy, rose 19.6 percent, slightly softer than expectations of
19.8 percent.
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Industrial output, meantime, grew 9.7 percent in December from a
year earlier, slightly less than expectations and moderating from
November's 10 percent gain as factories struggled with lukewarm
demand at home and abroad.
A Reuters visit to scores of factories in south China this month
showed China's manufacturing heartlands have closed earlier than
usual this year for the nation's biggest holiday, discouraged by
weak orders and rising costs.
Underlining China's subdued domestic demand, growth in retail sales
was 13.6 percent, level with expectations and down slightly from
November's 13.7 percent.
Sagging growth in investment and domestic demand come at a time when
Chinese factories are also fighting fragile global markets. Sales of
Chinese exports had underwhelmed last year, missing an official 2013
growth target of 8 percent.
Although many analysts expect China's export business to pick up
this year, the country's trade ministry sounded a cautious note this
week by saying domestic exporters may have trouble beating their
2013 sales performance this year.
(Reporting by Koh Gui Qing; editing by
Kim Coghill)
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