China economy grew at slowest pace for 14 years in 2013

The economic superpower, which is expected to take over from the US as the world's largest economy in the next decade according to some analysts, saw growth fall in 2013 as the country's ruling party seeks to convert the economy to a more sustainable model. Growth of 7.7% is the slowest pace of growth since 1999, matching 2012's reading and far lower than the 9.3% it saw in 2011. However, the growth rate was higher than its government's own target of 7.5%. China is seeking to move from an investment-led economy to one powered by domestic consumption, but this re-balancing is weighi...