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China’s economy grew at 7% in second quarter

China’s economy posted a 7 percent growth year on year in the second quarter of this year, a continuation of that in the first quarter.

The National Bureau of Statistics announced the data at a press conference. Growth of the world’s second biggest economy has slowed down from the 7.4 percent recorded last year, and 7.7 percent in 2013.

It’s now the lowest annual growth after 1990. But the latest data is nonetheless in line with the official economic growth target for 2015, which was set at around 7 percent by the Chinese government in March at the annual session of the National People’s Congress.

“The economic growth was slowing down in the first half of this year, but the overall performance is showing signs of stability. Facing the complex and volatile international environment, the central government has stuck to the path of seeking progress in stability, and carried out scientific macro-control policies and structural reform and innovation. The economic growth is now at reasonable levels as major economic indicators gradually recovered, indicating stabilization and improvement,” said Sheng Laiyun, spokesman of Chinese National Bureau of Statistics.