China's GDP clocks 7.6%; slowest in 3 years

China has reported a GDP rate of 7.6% for the second quarter of 2012, which is the slowest pace since the financial crisis.

The country had recorded its previous slow growth of just 6.6% in the first quarter of 2009. China continues to slow as exports remain lacklustre and domestic consumption levels remain tepid. For many quarters now analysts have warned that China may crash land. However, the country has thus far avoided crash landing.

In order to propel growth rates The People's Bank of China, cut the country's benchmark one-year lending rate by 31 basis points. However, the effects of the same are likely to be felt only after a few quarters.

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