Output grew by 7.7 percent in 2013, matching its 2012 growth rate and exceeding the government’s 7.5 percent indicative target.Stable growth partly reflected the effects of mid-2013 growth support measures.Nevertheless, recent growth rates have been significantly below the levels observed over the past decade as drivers of economic growth continued to shift from manufacturing to services on the supply side, and from investment to consumption on the demand side, and as measures to rein in the rapid accumulation of credit came into force.The impact of decelerating growth on labor markets has been so far relatively small due to the structural shifts of economic activity toward labor-intensive service sectors.The rebalancing is not smooth, and quarterly growth is volatile.In part this volatility reflects tensions between structural trends and near-term demand management measures taken by the government.China’s growth will continue to moderate over the medium term, and the structural shifts will become more evident.Growth in China is expected to decrease marginally to 7.6 percent in 2014 and 7.5 percent in 2015, from 7.7 percent in 2013.