BEIJING — Despite an unexpected bump in the last quarter of the year, China's economic growth slowed to its lowest level in 13 years, according to figures released Friday. The National Bureau of Statistics reported that the country's gross domestic product grew by 7.8 percent in 2012, its slowest pace in more than a decade. The statistics bureau did not raise any alarms about the lessened pace of growth, and the lower rate was expected based on quarterly reports released throughout the year. The growth rate was in stark contrast to 9.2 percent growth in 2011. "Overall the economy has been stabilizing," the statistics bureau said in a statement releasing the year-end economic growth data.RELATED STORY: China Posts Strong Trade Data >> The GDP grew by 7.9 percent in the final quarter of 2012, signaling a possible rebound in weakened growth on the back of rebound in manufacturing. While the country's central government leadership has spoken of the need to rebalance China's overall economic structure, the growth rate did not appear to cause major concern. A spokesman for the statistics bureau noted that growth all year had hovered around 7.4 percent, so the final tally indicated a pickup. State-run media reported on Friday that the government had targeted 7.5 percent growth for the year, so the figures appear to be in line with what was expected. The World Bank, meanwhile, projected earlier in the week that China's growth will rebound significantly this year, predicting a growth rate of 8.4 percent for 2013. Several key indicators were up in the fourth quarter, according to the statistics bureau. Retail sales, for instances, increased by more than 15.2 percent over the same period in 2011, while industrial production was up by more than 10 percent. As China's new central leadership assumes power, its economic planners must grapple with shifting the world's second-largest economy into one based on innovation and creation rather than simple manufacturing — a structure that rocketed this country into a world economic power. No specifics have yet been unveiled, but the new leadership team is likely to discuss next steps closer to the opening of the National People's Congress in March.
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
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La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
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“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
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