China`s economic growth slows to 7.6%
Baku, July 13 (AZERTAC). China`s growth has slowed to its lowest rate since the depths of the global financial crisis in 2009, though analysts voiced optimism on Friday that the economy may have bottomed out already.
Second-quarter growth of 7.6% - down from 8.1% in the previous three months - was in line with expectations, but dampened hopes that the world`s second largest economy would help to offset wider woes.
Sheng said the slowdown partly reflected China`s shift to a more sustainable development pattern after years of double-digit growth. The government has set its target for GDP growth this year - which rarely bears much resemblance to the actual figure - at just 7.5%, after years of an 8% goal.
The government has already cut interest rates twice in a month and lowered the amount of cash that banks must hold as reserves three times since November. Analysts expect further easing of monetary policy, but officials have insisted they will not launch a stimulus package comparable to the 4tn yuan (£405bn) package of 2008.
Retail sales growth in June fell to 12.1% from 13.8% the previous month, while growth in factory output ebbed slightly from 9.6% to 9.5%.
Fixed asset investment growth - the key driver of economic expansion over the last decade - was 20.4% in the year to June, slightly above expectations, with a sharp acceleration in the last month.
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