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China Q2 GDP Growth Slows

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economy_1 July 15, 2010 (Chinavestor) The China growth story added another, albeit cooler chapter to its lexicon overnight when the world's most populous  country reported second-quarter GDP growth of 10.3%, down a fair bit from first-quarter growth of 11.9%. Industrial output rose a disappointing 13.7%, but inflation was fairly tame at 2.9% in June.

 

News of slower Chinese growth, while widely expected, may be the last thing global equity markets can stomach and the news may make investors skittish about the prospects for a legitimate international economic recovery in the second half of this year. The news sent the Shanghai Composite Index to its worst performance in two weeks and had markets across Asia selling off.

JPMorgan Chase (NYSE:JPM) cut its full-year growth estimate for China to 10 percent from 10.8 percent and Royal Bank of Scotland (NYSE:RBS) also made a reduction, according to Bloomberg News.

China remains the fastest growing major economy in the world, but not the fastest growing Asian economy. That distinction goes to Singapore, which reported a considerable jump second-quarter GDP yesterday.



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