China economy slows down further; Q2 GDP growth at 7.5%

15 July 2013 04:47  [Source: ICIS news]

SINGAPORE (ICIS)--China’s economic expansion decelerated further in the second quarter, logging in an annual growth of 7.5%  - the lowest in four years, official data showed on Monday.

In the previous quarter, the economy posted an annual growth of 7.7%, bringing the average expansion in the first six months of 2013 to 7.6%, according to data from the National Bureau of Statistic (NBS).

Fixed assets investments in January to June 2013 increased by 20.1% year on year, down by 0.3 percentage points from the same period last year, the data showed.

For the month of June, China’s industries recorded an 8.9% year-on-year growth, representing a 0.3 percentage-point decline from May, according to the data.

The Chinese government intends to keep implementing a proactive fiscal policy and prudent monetary policy to ensure economic stability, NBS said.

By: Viola Pan
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