Official figures show Chinaâ„¢s economic growth slowed down in the second quarter of 2013.
Chinaâ„¢s National Bureau of Statistics says economic growth of the country slowed down in the second quarter of 2013.
Monday statistics by the Bureau showed that Chinaâ„¢s economic growth slipped in the April-June quarter to 7.5 percent from 7.7 percent in the previous quarter.
Å“These figures are not surprising, adding to signs of downward pressure on China’s economy,” said Zhou Hao, an economist at ANZ Bank in Shanghai.
Statistics show that weak trade data and actions by Chinese authorities to contain bank lending contributed to the slower growth.
Å“As of now, Chinaâ„¢s gross domestic product has been staying under 8 percent for five straight quarters, a clear sign of distress,” said economist Ren Xianfang from IHS Global Insight.
Å“The rather sharp growth deceleration and the recent financial market turmoil indicate that risks have been building on both the financial and real goods sector,” he added.
The new figures also indicate that Chinese industrial production slowed to 9.3 percent for the first half of 2013, down 0.2 percent from the first three months of the year.
According to the bureau, the Chinese economy was stable in the first half of the year and the indicators were within a reasonable range.
The Chinese governmentâ„¢s official growth target for 2013 is 7.5 percent, but that would be the slowest pace in 23 years.
In 2012, Chinaâ„¢s economy grew 7.8 percent, marking the countryâ„¢s slowest growth rate in 13 years.
YH/HSN
Republished with permission from: Press TV