China’s economic growth slowed further in the latest April to June quarter, the second consecutive period of weaker growth.
Slower pace of expansion
The economic output reached only by 7.5%, lower compared to last year’s 7.7% in the January to March quarter, government data shows.
Growth in factory productivity, investment, and other indicators weakened.
The data were in line with the analyst expectations.
After years of struggling growth in China, analysts say authorities now appear prepared to accept a slower pace of development.
Global demand weakens
Development in the world’s second-largest economy has decreased, as global demand fell and regulators try to prevent lending from bank worrying it could go out of control.
“These figures are not surprising, adding to signs of downward pressure on China’s economy,” said Zhou Hai from ANZ Bank in Shanghai.
A spokesperson for the National Bureau of Statistics said major signs are within their targeted range but they face a complex situation.
Despite the weakening expansion, communist leaders have expressed determinations to stick to their plans intended at nurturing slower and more attainable development driven by domestic consumption instead of investment and trade.
Chinese leaders have promised to release reforms intended to make the economy more productive and help business owners, but no other major changes are expected until after a Communist Party meeting.