Monday 15 July 2013

China's economy slows again

China's economy grew by 7.5 percent in the second quarter, data from the National Bureau of Statistics showed on Monday.

The second quarter growth was slower than the 7.7 percent growth in the first quarter, which was itself a decrease from the 7.9 percent growth in the last quarter of 2012.

However, the second quarter growth figure was in line with estimates from economists.

China's slowing growth trend was reflected in its industrial production for June, which rose 8.9 percent from the previous year compared with 9.3 percent for the first six months of 2013.

However, retail sales rose 13.3 percent year-on-year in June compared with 12.7 percent for the first half as a whole.

Stocks rose in Asia on Monday, with the Shanghai Composite in particular gaining 1.0 percent.

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