China reported its lowest Gross Domestic Product in 14 years. In 2013, China’s economy only grew by 7.7 percent, lower that economists were expecting. But Shaun Rein, managing director of the China Market Research Group, says that this slowdown may be useful.
“The underlying reasons are healthy,” Rein says. “The country can no longer rely on heavy investment and exports for growth, so the government is trying to push more consumption. And in 2013, 13.6 percent retail sale growth came in and showed that shift is starting to happen.”
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