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China's economy still on track despite Q2 growth slowdown

07-15-2010 14:49 BJT

BEIJING, July 15 (Xinhua) -- Newly-released economic data confirmed market expectations that China's economic growth rate has slowed but officials said the country's economy is still on track.

A woman walks by a sale advertising poster in Beijing, capital of China, May 11, 2010.(Xinhua/Xing Guangli)
A woman walks by a sale advertising poster in Beijing, capital of China, May 11, 2010.(Xinhua/Xing Guangli)
China's economy expanded at a 10.3-percent rate in the second quarter, slower than both the 11.9-percent growth in the first quarter and the 10.7-percent growth in the fourth quarter of last year, the National Bureau of Statistics (NBS) said Thursday.

The slowdown, which the government expected, will help accelerate the transformation of the economic growth pattern and prevent economic overheating, NBS spokesman Sheng Laiyun told a press conference.

Although the pace of the second-quarter growth slowed, it was still strong growth, Sheng said.

According to preliminary statistics, China's gross domestic product (GDP) hit 17.28 trillion yuan (2.55 trillion U.S. dollars) in the first six months of this year, up 11.1 percent from a year earlier.

The growth rate was 3.7 percentage points higher than in the same period last year, when the country's economy was still wrestling with the effects of the global financial crisis.

"China's economy generally performed well in the first half and has developed according to the government's macro regulation," Sheng said.

The government has set an annual economic growth target of around 8 percent for 2010.


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