Economic slowdown fears unjustified

Spending | Zhu Ning

Recent statistics on China's economy provide signs that the nation is turning the corner on some of the sharp downturns witnessed during the first quarter of 2014.

Second-quarter economic data released on July 16 confirmed that economic growth of 7.5 percent is still reasonable to expect in line with government projections. Just as important, the numbers suggest that China's economy is finally showing some long-awaited signs of rebalancing: Consumption accounted for 54 percent of growth in the second quarter, and the service sector also made gains.