Breaking Finance News

China GDP Growth Slows

China’s Q2 GDP growth slowed to 7.5 percent year over year as weak demand overseas weighed on output marking the ninth time in the last 10 quarters that China’s growth has slowed.

This is further evidence that China’s economy is continuing to slow adding to the fear that the world’s largest economy may send shock waves through economies around the world.

“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.

Data last week showed that China’s exports fell 3.1 percent in June versus forecasts for a rise of 4 percent. Imports dipped to 0.7 percent versus expectations of a rise of 8 percent. China’s customs administration added that the outlook for July to September was “grim.”

All of the data points to a country that is slowing and changing. China is still recovering from trillions of dollars in local government debt left over from its 2008/2009 spending spree during the global financial crisis.

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