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Economy of the People's Republic of China Latest News: China Economic Slowdown Seen Deepening as Beijing Pushes Reform

Wochit 1:24 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. The U.S. Treasury Department said China acknowledged U.S. concerns about cyber theft of intellectual property and trade secrets and agreed to steps that would open its financial and government procurement markets. In a statement on outcomes of the annual U.S.-China Strategic & Economic Dialogue, the Treasury Department also said China had committed to move to a market-determined exchange rate for its (YOU-ON) currency.

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