China's GDP growth slows to 7.5% in Q2

China’s GDP growth in the second quarter slowed to 7.5% year-on-year, Reuters reported, citing the latest economic data from China’s statistics bureau. The GDP growth figure is China’s slowest in 23 years, likely stemming from softening global demand on output and investment and an unexpected dip in June exports. China Premier Li Keqiang has said that consumer-led economic reform is to take precedence over export and investment-led growth, indicating Beijing is unlikely to loosen monetary policy. The growth rate of 7.5% is reportedly well on-target, although analysts prior to Monday’s data release had been cutting their growth projections for China to between 7 and 7.5%.