China's quarterly economic growth declines to 7.5 per cent

SHOTLIST AP TELEVISION FILE: Wenzhou - 25 October 2012 1. Mid of workers in factory 2. Close of hands working FILE: Tianjin - 20 February 2013 3. Wide of containers in port 4. Close of container being lifted up Beijing - 15 July 2013 5. Wide of news conference 6. Mid of cameras, zoom in 7. SOUNDBITE: (Mandarin) Sheng Laiyuan, national statistics bureau spokesman: "It (economic growth) is 7.6 percent, with the growth of the first quarter being 7.7 percent and second quarter 7.5." FILE: Beijing - 30 June 2013 8. Wide of entrance to closed join venture factory, US flag visible 9. Pan of empty workshop inside factory 10. Various of workers sitting in factory compound Beijing - 15 July 2013 11. SOUNDBITE: (Mandarin) Sheng Laiyuan, national statistics bureau spokesman: "The added value of the primary industry was 1,862.2 billion yuan, up by 3.0 percent. For the secondary industry it was 11,703.7 billion yuan, up by 7.6 percent. And for the tertiary industry, it was 11,235 billion yuan, up by 8.3 percent. The gross domestic product of the second quarter of 2013 went up by 1.7 percent on a quarterly basis." FILE: Wenzhou - 25 October 2012 12. Wide of shoes and textile market 13. Mid of man having lunch behind row of shoes 14. Close of trainers on display 15. Mid of textiles on display 16. Close of fabrics STORYLINE China's economic growth slowed further in the latest quarter as trade weakened and Beijing clamped down on a credit boom and promised to launch a new round of reforms. Economic output rose 7.5 percent over a year earlier in the three months ending in June, down from 7.7 percent the previous quarter, the government reported on Monday. Growth in factory output, investment and other indicators weakened. Growth in the world's second-largest economy has declined, though to still-robust levels, as global demand weakens and regulators try to cool a bank lending boom they worry could race out of control. Sheng Laiyuan, spokesman of China's statistics bureau said the government's goal was to promote restructuring and make more of the driving force of the market. Despite the slowdown, communist leaders have expressed determination to stick to plans aimed at nurturing slower and more sustainable growth driven by domestic consumption instead of trade and investment. Chinese leaders have promised to launch reforms aimed at making the economy more productive and helping entrepreneurs but no major changes are expected until after a Communist Party meeting in the autumn. The ruling party's growth target for the year is 7.5 percent - stronger than forecasts for the United States, Europe and Japan, but China's weakest performance since 1991. Finance Ministry Lou Jiwei appeared to try to lower expectations last week when he told reporters in Washington that growth as low as 6.5 percent would be tolerable. Trade in June plunged abruptly, falling by 3.1 percent, well below forecasts of an expansion in the low single digits. A decline in Chinese economic activity could have global repercussions, denting revenues for suppliers of commodities and industrial components such as Australia, Brazil and Southeast Asia. Lower Chinese demand already has depressed global prices for iron ore, copper and other raw materials, cooling an economic boom for exporters. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/e0fee369528598d24c7b3f467afdf286 Find out more about AP Archive: http://www.aparchive.com/HowWeWork