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CCTV Script 15/04/13

This is the script for CNBC's news report for China's CCTV on Monday, April 15th.

Welcome to the CNBC Business Daily.

Most markets in Asia took a hit after data showed that China's economy shrank more-than expected in the first quarter.

For the period, GDP slowed to a gain of 7.7%, after adding 7.9% in the final quarter of last year,

The reading was also below a Reuters poll for an 8% increase.

Some analysts say the weak numbers could spur more policy action from Beijing.

[Sound on tape by Vasu Menon, Vice President of Wealth Management Singapore, OCBC Bank: If you look across the board, from the trade numbers to the retail sales, to FAI numbers and everything else. The PMI numbers and industrial production, it points to the fact that the Chinese economy is not growing as strongly as the market anticipated and i think it's possible that you could see some policy action out of China]

[Sound on tape by Mikio Kumada, Executive Director & Global Strategist, LGT Capital Partners: The big picture in China is that credit growth related to the property market, but not only to the property market, also towards domestic investment, is simply too high to be sustainable, so today the numbers were in line with what more cautious analysts would expect. Even if you get the occasional surprise, China is still in a mode where it has to try to bring credit growth to a more moderate level of growth, bring it down, in order to make whatever growth rate they have in the future sustainable.]

Despite the growth slowdown, China's property market continued to surge ahead. Real estate investment rose 20.2% in the first quarter, while revenues from property sales rose 61.3%.

So is the acceleration sustainable, and what risks does it bring to the economy?

[Sound on tape by Mikio Kumada, Executive Director & Global Strategist, LGT Capital Partners: We know that China has a considerable amount of bad loans, in the banking system and that is essentially whether it's with the banks, or with local governments, or at the end of the day, with the central government. It is quasi-public debt, and so the balance sheet is not improving, which is one of the reason why the Chinese equity markets aren't performing as they should, given the headline growth numbers.]

Li Sixuan, from CNBC's Asia headquarters.

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