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China GDP slows to 7.5% in second quarter
July 15, 2013, 8:35 am


China has set a target of 7.5 per cent growth for this year [Xinhua]

China’s gross domestic product (GDP) growth has slowed to 7.5 per cent in the second quarter this year, posting figures largely anticipated by analysts.

GDP is down from 7.7 per cent during the first quarter.

In the first six months of 2013, China’s GDP totalled 24.8 trillion yuan ($4 trillion), shows new data from the National Bureau of Statistics (NBS).

This is the Asian giant’s weakest posting since 1999.

“Major economic indicators are still within reasonable ranges as expected, but the economic environment remains complex,” Sheng Laiyun, a spokesman for the NBS, said at a press conference.

China has set a target of 7.5 per cent growth for this year.

Despite the slowing GDP, China’s other economic indicators have been largely positive.

Industrial output increased 9.3 per cent year on year in the first half of 2013, and retail sales in June totalled 1.88 trillion yuan, up 13.3 per cent year on year.

Overall retail sales grew 12.7 per cent year on year to 11.08 trillion yuan ($1.8 trillion) in the first half of 2013.

Global growth forecasts have been downgraded by the IMF in its latest forecast to 3.1 per cent.

G20 finance ministers will meet in Moscow later this week and are expected to discuss the global slowdown.

Source: Agencies