Chinese growth domestic product growth dropped in the second quarter to 7.6 percent compared to 8.1% in the first quarter . . . lower exports and consumer spending reportedly were behind the growth drop . . . Chinese Premier Wen Jiabao said the decrease was “within the target range set earlier this year” . . . Wen also said the economy was on a slower but stable pace and that the government needs to help businesses hurt by the slowdown with tax breaks and financial aid . . .although the government did lower its annual growth estimate for 2012 to 7.5%, such a sharp 3-month drop will raise concerns about a “hard landing” for the Chinese economy and a significant worsening of the global economy . . . this recent drop came despite billions of dollars in stimulus spent by the Chinese government on domestic projects which suggest that a new round of stimulus spending might not stop the downward movement of the economy and cannot compensate for economic problems in Europe and the United States.
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