Daily Special: China meets 7.5 percent growth target

China's economy grew 7.7 percent year on year in 2013, the same as 2012 and beating the government's target of 7.5 percent, according to the National Bureau of Statistics (NBS) on Monday.

Last year, gross domestic product (GDP) reached 56.88 trillion yuan ($9.31 trillion).

The economy's fourth-quarter growth also stood at 7.7 percent.

"China's economic performance stabilized in 2013," said Ma Jiantang, director of the NBS at a press conference, citing encouraging GDP and job data as well as subdued inflation.

The Chinese government defined the "upper and lower limits" of the reasonable range of economic performance in 2013. With a GDP growth rate of 7.5 percent, the "lower limit" is intended to ensure steady expansion and employment, and with the consumer price index at around 3.5 percent, the "upper limit" is meant to prevent inflation.

Figures showed that China created more than 10 million new jobs in 2013 and inflation came in at 2.6 percent for the whole year.