China's economic growth cools to 9.5% in Q2

China posted 9.5% economic growth in the second quarter of 2011, down slightly from 9.7% growth in the first quarter, the Financial Times reported. The growth figure, stronger than expected, was driven by a 15.1% year-on-year increase in industrial production in June, its fastest pace in almost a year. “There is only a very small chance that China’s economy will witness a drastic and rapid decline,” said a spokesperson for the National Bureau of Statistics, speaking on fears of an economic “hard landing.” However, the role of fixed asset investment in the economy remained strong in the second quarter while retail growth experienced its weakest growth in six years, suggesting that the economy may still have some way to go before consumer-driven growth can take hold.