China's growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilize the economy.
Year-on-year growth of 7.6 percent in the second quarter was a whisker above the government's official 7.5 percent full year target and dragged the first half average down to 7.8 percent - below the 8 percent level that in previous downturns has triggered a robust response from policymakers.
The GDP number, released in a flurry of Chinese data on Friday, was roughly in line with investor expectations.
The trajectory of the economy is crucial for money managers facing a slowdown not only in China, the world's second-largest economy, but anemic growth across the BRIC grouping of major emerging economies - Brazil, Russia, India and China - which combine as the biggest marginal generators of global growth.
"I would say probably the worst is over and we are going to see some stabilization and even improvement in growth in the next quarter," Sun Junwei, China economist at HSBC in Beijing said, citing improvement in quarter-on-quarter growth and broad stability in June data for fixed asset investment, industrial production and retail sales.
Read more: http://www.reuters.com/article/2012/07/13/us-china-economy-idUSBRE86C08020120713
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