China economic growth drops to 7.6 percent in Q2

  • China's economic growth has dropped to its slowest pace in three years on the back of decreased investment and falling demand from key markets such as the U.S. and Europe.

    Gross domestic product rose by 7.6 percent in the second quarter, compared to 8.1 percent in the previous three months.

    In March, Beijing cut its growth target for 2012 to 7.5 percent.

    China, the world’s second largest economy, accounts for about a fifth of the world's total economic output and any slowdown is seen as a hindrance to a global recovery.