Chinese economy posts slowest growth in 13 yrs, up 7.8% in Q4

Fixed-asset investment, a measure of government spending on infrastructure, also increased 1.53 per cent from November to December.

China's exports, a key driver of the economy, also trumped market forecasts to grow 14.1 per cent year-on-year in December, up from November's 2.9 per cent, customs data showed last week.

"I think the economy's growth has been stabilised, but whether the rebound will continue remains unclear," said Zhang Liqun, an analyst with the Development Research Center of the State Council said.

China's economy rebounded in the final quarter of 2012 but optimism was tempered by warnings the shaky recovery could be vulnerable to a possible downturn in global trade.

China's major economic risks in 2013 still lie in uncertainties in its external markets and domestic property sector, Zhang said.

The government pared the full-year growth target for 2012 to 7.5 per cent from 8 per cent in early 2012.

Many economists are expecting the target to remain unchanged for this year.

The slow growth rate, compared to be blistering double digit GDP rates which China used to for the past three decades is a new phenomena, the new Chinese leadership, headed by Xi Jinping is expected to address.

Xi along with a host of new leaders at various levels were elected in the once-in-a-decade leadership change conference of the ruling Communist Party of China in November last.

He is scheduled to take over as the President succeeding Hu Jintao in March this year.

The number two leader, Li Keqiang, who is an economist is set to succeed, Premier Wen Jiabao.

Economic stability was stated to be the focus of the new leadership reorienting China's expert driven economy, in view global economic crisis to that of one based on domestic consumption, which officials say would take sometime.

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