Bloomberg reports that Chinese economic growth "eased" to 11.1% in the first half (must be nice) and inflation cooled. In other news, everything in China is absolutely perfect (in every way):
China’s economic growth eased to 11.1 percent in the first half after the government succeeded in tempering credit expansion, investment spending and property speculation.And some details backing that "slow" growth.
The pace compares with an 11.9 percent gain in January-March from a year earlier. Inflation cooled to 2.9 percent in June, the statistics bureau also reported in Beijing today. Industrial output rose a less-than-estimated 13.7 percent.
The figures signal a diminishing risk of economic overheating, and give Premier Wen Jiabao more room to scale back restrictions on bank lending in coming months. A deeper downturn in the nation forecast to account for one third of global growth this year would compound risks for a world recovery already clouded by European budget cuts and limited American job gains.
Source: Conference Board