China's Double-Digit Growth to Mark a Slip for at least a Year

The recent official figures have revealed that growth rate in China will mark a plunge in Q2.

Analysts at Citigroup on Thursday posted that China's 10.3% climb in gross domestic product witnessed during the second quarter is cited to give away with its double digit economic growth figure for at least a year.

The slowdown emerged as a result of the vanishing away of the Government stimulus package. However, China's economic boom is actually a driver for growth in other economies.

The slowdown is cited to hamper China's trading relations with its partners and is likely to nudge down global recovery, if the country initiates to import less.

Official data released earlier on Thursday, depicted that China's second-quarter GDP was sluggish than the first quarter, while a rise in China's consumer and wholesale rates, retail sales and industrial production was also comparatively affected in June.

"The gradual nature of the current slowdown is unlikely to produce a sharp policy response", Citigroup analysts led by Minggao Shen wrote in a note to clients after China announced its quarterly GDP and a slew of economic data for June.

Analysts have augured that slowdown in the economy is not necessarily a factor that will hamper the world markets.