China's economy grew 7.5 percent year-on-year in April-June, slowing from the first quarter's 7.7 percent. This in turn was worse than 7.9 percent
in the final three months of 2012.
The economy is a key engine of global growth but last year recorded its worst performance since 1999, expanding 7.8 percent.
China's growth model has long been based on taking advantage of the country's cheap and abundant labour to manufacture products for export,
alongside credit-fuelled domestic investment to develop infrastructure.
Now, though, the government says the situation is unsustainable and the growth model should be rebalanced towards consumer demand. END QUOTE:
China orders firms to cut capacity as economy slows
China has ordered companies in 19 sectors including cement and steel to slash production capacity as growth in the world's second largest economy
Beijing's industry ministry ordered around 1,300 firms to shut down outdated facilities by September and eliminate excess capacity by year-end, state
media said Friday.
The new leadership under President Xi and Premier Li Keqiang appears willing to accept lower growth in hopes that weaning the country off its
addiction to investment will ultimately result in stable and sustainable growth.
China orders audit of government debt: agency
Beijing (AFP) July 28, 2013 - China has called for an audit of all government debt, the national auditor announced Sunday, as concerns grow over
official liabilities in the world's second-largest economy.
The Chinese coastguard entered waters disputed with Japan for the first time Friday, straining an already tense situation as Tokyo mulled plans to
establish a US Marines-style force to protect its islands.
Four vessels spent three hours in the territorial waters of a Tokyo-controlled archipelago, where they traded warnings with their Japanese
The move -- by vessels whose crews were likely to be armed, according to academics -- marks an upping of the ante in the blistering row over ownership
of the Senkakus, which Beijing claims and calls the Diaoyus.
China has managed to stir up just about everyone on their side of the Pacific.....SO.....It will be interesting how the global situation plays out
over the next few years.....However.....I would not under estimate their ability to fix their problems regardless. China is very big on the idea of
"welfare of the state" regardless of the populace...Look at their mobile death vans for taking care of problem children/those who buck the
state..The Expats that I spoke to have said China's good deals ended almost two years ago and cost have sky rocketed.