China's GDP grew 7.9% on a year-over-year basis in Q4 of last year, the country's National Bureau of Statistics announced this week. That number beat the expectations of analysts and economists, who collectively had been anticipating a slightly lower figure of 7.8%.
For all of 2012, the country recorded a 7.8% annual gain in GDP. The Q4 result lifted the overall yearly number and reversed the quarter-to-quarter declines recorded in previous quarters -- Q1 stood at 8.1%, with Q2 at 7.6%, and Q3 at 7.4%.
The data release reinforces the bullish view that the country is recovering from its recent economic slowdown. It has also injected some optimism into key Asian markets, many of which moved higher on the news.