[15 July 13] China economy slowing down - English

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China\'s national Bureau of Statistics has released new figures on the country\'s economic outlook. The figures show China\'s economic growth was 7.5 percent in the second quarter of 2013-down from 7.7 percent in the first quarter of the previous year and the slowest pace in 23 years. Figures also show China\'s GDP has been staying under 8% for five straight quarters, which is a clear sign of distress. The government is now setting 7.5 percent economic growth target for 2013. Some economists have warned that China could face economic problems because of over-investment in its industries. But Sheng said that in terms of urbanization and consumption, and levels of development in its interior, China still has enormous potential. Steven Ribet, Press TV, Beijing

Added by PTV on 16-07-2013
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