Economy cools in second quarter

Statistics released Thursday showed China’s economic expansion slowing in the second quarter of 2010, the Financial Times reported. GDP expanded by 10.3%, less than the 11.9% increase posted in the first quarter. Consumer price inflation eased to 2.9% in June, a drop from May’s figure of 3.1%. Producer price inflation similarly slowed to 6.4%. Industrial output increased by 13.7%, also less than May’s rate of 16.5%. Urban fixed-asset investments grew 25.5% year-on-year in the first half of 2010, a significant drop from the 33.6% expansion in the first half of 2009, when the government’s economic stimulus program was in full swing. In general, the economic indicators were below most analysts’ forecasts.