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China’s economic growth slows more as trade slumps

In this photo taken July 10, 2013, a man walks past the downtown skyline of Shanghai, China. China’s leaders face new pressure to stimulate a slowing economy after growth fell to its lowest since 1991, hurt by weak trade and efforts to cool a credit boom. The world’s second-largest economy expanded 7.5 percent over a year earlier in the three months ending in June, down from the previous quarter’s 7.7 percent, data showed Monday, July 15, 2013. AP Photo CHINA OUT

BEIJING – China’s economic growth slowed further in the latest quarter as trade weakened and Beijing clamped down on a credit boom and promised to launch a new round of reforms.

Economic output rose 7.5 percent over a year earlier in the three months ending in June, down from 7.7 percent the previous quarter, the government reported Monday. Growth in factory output, investment and other indicators weakened.

Growth in the world’s second-largest economy has declined, though to still-robust levels, as global demand weakens and regulators try to cool a bank lending boom they worry could race out of control.

“Major indicators are within our targeted range but we face a complex situation,” statistics bureau spokesman Sheng Laiyuan said at a news conference.

Sheng said the government’s goal is to “promote restructuring” and make more of the “driving force” of the market.

Despite the slowdown, communist leaders have expressed determination to stick to plans aimed at nurturing slower and more sustainable growth driven by domestic consumption instead of trade and investment.

Chinese leaders have promised to launch reforms aimed at making the economy more productive and helping entrepreneurs but no major changes are expected until after a Communist Party meeting in the autumn.

The ruling party’s growth target for the year is 7.5 percent — stronger than forecasts for the United States, Europe and Japan, but China’s weakest performance since 1991. Finance Ministry Lou Jiwei appeared to try to lower expectations last week when he told reporters in Washington that growth as low as 6.5 percent would be tolerable.

Trade in June plunged abruptly, falling by 3.1 percent, well below forecasts of an expansion in the low single digits.

A decline in Chinese economic activity could have global repercussions, denting revenues for suppliers of commodities and industrial components such as Australia, Brazil and Southeast Asia. Lower Chinese demand already has depressed global prices for iron ore, copper and other raw materials, cooling an economic boom for exporters.

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Tags: China , economy , Trade

  • jeff

    “sinophobia” or mistrust and hatred of greedy and arrogant bully communist china is steadily spreading worldwide, its economy is starting to slowdown.

    The insatiable greed of arrogant bully and gangster-like communist china’s leaders has made them mentally unstable, making communist china a real threat to global peace and security.

  • hagakhak

    i saw the sign!! it’s the beginning of their downfall. greedy chinks!!!

  • warillaman

    THE DECLINE OF A BULLY!! he,he,he, I pray they will never rise again, the greedy western companies was the intrument of their rise that leads to global economic downturn, global lose of jobs, cheap inferior quality products, and licenced slavery of retarded chinks.

  • pfckulapu_parin

    I contributed a few cents for there economic slow down.. I stop buying made in china gadgets and other items…..Maling no more….

    • Littlebimby

      Very good…it may sound insignificant but collectively we all can make a difference…Communist China’s neighbors should forge a cooperation to weaken the bully giant’s economic muscle made possible by our support of cheap, inexpensive and inferior Communist China’s products….continues decline and contraction in its economy is enough to divert the bully’s attention to its hungry citizen….STOP patronizing Communist China’s products as much as possible…buy Taiwanese, Japanese, Korean, Vietnamese, Thai, Indian, American, Philippines, Africans…anything but Communist China’s!!!!!

  • pfckulapu_parin

    We should keep on Boycotting made in china product… By this mean we can hurt the monster china..

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