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China: GDP beats forecasts but stock markets see little to celebrate

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China: GDP beats forecasts but stock markets see little to celebrate

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The Chinese economy slightly beat forecasts in the second quarter of 2015, with GDP growth of 7 percent over the same period last year.

China’s National Bureau of Statistics, which published the data, says the result was “hard won” and that it expects further government measures to stimulate recovery after the stock market crashed in June.

Statistics bureau spokesperson Sheng Laiyun said the domestic and external economic environment “remained fairly complex in the first half of the year.”

The global economy was showing “signs of slow recovery with clear polarisation,” he added.

Slowing trade growth, weakening domestic demand and deflationary pressure have all been taking their toll on China – the world’s second-largest economy.

On top of that, Beijing is still working to stabilise the stock exchanges.

Chinese listed stocks lost more than 3 trillion dollars in value between 14 June and 9 July.

The government has forecast economic growth of around 7 percent for 2015, which would be the weakest rate in 25 years.