China’s gross domestic product growth slowed in the second quarter of 2013 to 7.5 percent year-over-year, making it the ninth quarter in the last 10 quarters that China’s growth has slackened, Reuters reports.
The slowdown results from weak overseas demand impacting output and investment. Other figures also showed that industrial output in June rose slightly less than forecasted compared with a year ago, although retail sales increased more than expected.
Customs data showed China’s exports fell 3.1 percent in June against forecasts for a rise of 4 percent, while imports dipped 0.7 percent versus an expected 8.0 percent rise. The customs administration added that the outlook for July to September was “grim.”
However, China’s statistics bureau said the economy’s performance in the first half of the year was stable overall and that indicators were within a reasonable range. For now, economists do not see any major stimulus or policy shift, and instead expect the Chinese government to wait out the slowdown as they pursue longer-term, consumer-driven strategies to reform the economy.