Asia Breaking News: China Economic Slowdown Seen Deepening as Beijing Pushes Reform

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Asia Breaking News: China Economic Slowdown Seen Deepening as Beijing Pushes Reform

Asia Breaking News: China Economic Slowdown Seen Deepening as Beijing Pushes Reform
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Asia Breaking News: China Economic Slowdown Seen Deepening as Beijing Pushes Reform

Wochit 1:20 mins

China's GDP growth is expected to have slowed down in the second quarter as weak overseas demand weighs on output and investment, providing a test for Beijing's resolve to revamp the world's second-biggest economy in the face of deteriorating data. Second-quarter GDP figures are due to be published on Monday along with other indicators, including industrial output and retail sales for June. China's reform-minded leaders are more willing than ever to raise the pain threshold for the economy to push through long-term reforms, despite a protracted slowdown that has sparked calls for looser monetary policy. Grim trade data for June last week fanned market talk of fresh steps to support an economy heading for its weakest growth this year in more than two decades. Emerging economies that have thrived on ultra-loose U.S. monetary policy and insatiable Chinese demand for natural resources are in for another rude wake-up call. Federal Reserve Chairman Ben Bernanke will explain in two days of congressional testimony that his plan to buy fewer bonds is not the same as raising interest rates. And while China's days of double-digit growth are over, data should show it expanded around 7.5 percent in the second quarter from a year earlier.

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