Growth stabilizes

The Chinese economy grew slower than expected in the second quarter. The German industry is already giving up hope that a Chinese boom will pull it back from the crisis. However, China is slowing down at a high level. The government definitely aims to achieve the targeted five percent growth for the entire year.

The Beijing statistics office on Monday reported growth of 6.3 percent for the second quarter and 5.5 percent for the first half of the year. This is a strong plus, which speaks for a stabilization of the situation after the economic reports looked consistently bleak in the past months. Despite weak key data, the government apparently can avoid a plunge. „We don’t think today’s data will push Beijing to step up stimulus measures,“ write experts at securities firm Nomura.

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