NEW YORK, NY--(Marketwire -07/23/12)- After a strong start to 2012, Chinese internet stocks have lagged the market of late as the recent slowdown in China's economy has soured investor optimism in the sector. TickerSpy's China Internet Stocks Index (CHDOT) has fallen nearly 12 percent over the last month. The Paragon Report examines investing opportunities on Chinese Internet Stocks and provides equity research on Baidu.com, Inc. (BIDU) and Renren Inc. (RENN).
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China's economic growth fell to a new three-year low recent data from the National Bureau of Statistics showed. In the last quarter gross domestic product (GDP) grew by 7.6 percent from the year previous, this compares to an 8.1 percent gain in the previous quarter.
"The question is not how deep the economy falls, but how long it will stay low," said Dong Tao, chief China economist at Credit Suisse Group AG. "China needs structural reforms, not just monetary or fiscal expansion."
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According to data release from an industry group Thursday China's online population, which is currently the largest in the world, has risen to 538 million users. The China Internet Network Information Center in their report showed that online users increased 11 percent from a year earlier.
The growing popularity of smartphones and tablets seemed to play a major role in the increase. Total users who went online using mobile phones and other wireless devices jumped to 388 million, representing a 22 percent increase from a year earlier. There is potential for major growth for Chinese internet companies as it is estimated that only 40 percent of China's population is online.
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