Asia, Gdp | featured news

China's economy appears to be weakening more rapidly than official statistics would suggest, raising fears of a painful slowdown that could be felt around the globe. Second-quarter gross domestic product statistics to be released this week are expected to show growth of around 7.5% compared with the same period last year, according to analysts' estimates. That would be the slowest pace since the depths of the global financial crisis. But government data are widely believed to understate the extent of China's woes.

China's economy grew at its weakest pace in 2-1/2 years in the latest quarter and it appeared headed for an even sharper slowdown in the coming months as export demand fades and the housing market falters.

China's gross domestic product in the fourth quarter grew 9.8% from a year earlier, faster than the third quarter's 9.6% rise, which may increase market expectations for further tightening on monetary policy.

China's GDP figures are "man-made" and therefore unreliable, the man who is expected to be the country's next head of government said in 2007, according to U.S. diplomatic cables released by WikiLeaks.

China had tried to temper expansion and the price rises that accompany excessively rapid growth.

India's economic growth surged in the third quarter at a much faster pace than expected, increasing odds that the central bank will raise interest rates to head off inflation.

China's government has turned its economy around far faster than most thought possible, as officials said Thursday that growth accelerated to 7.9% in the second quarter.

The Indian economy expanded 5.8% from a year earlier in the January-March quarter with social spending and financial services the biggest growth drivers.