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China's GDP growth slows to lowest in 3 years

Published By United Press International
BEIJING, July 13 (UPI Asia) – China's economy grew by 7.6 percent - the lowest in the last three years - in the second quarter of 2012, when compared to the same period a year ago, according to the latest figures released by the government Friday.

The GDP of China in the first half of the year was 22.71 trillion yuan ($3.56 trllion) and the growth rate in the second quarter was 7.6 percent, according to the figures released by National Bureau of Statistics of China.

This is the lowest quarterly growth of the second-largest economy in the world since the first quarter of 2009 when the GDP growth rate fell to 6.2 percent.

The growth in industrial output in the month of June was reported as 9.5 percent when compared to the same month in previous year.

China's central bank has slashed interest rates twice this year - in June and July - to stimulate the economy. China's benchmark lending rates have fallen to six percent and deposit rates have fallen to down to three percent after the rate cuts.

China's export-dependent economy has been hard hit by declining exports due to lower demand for its manufactured goods in the United States and Europe as a result of the ongoing global financial crisis.
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Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa