News Summary: China growth seen slow, stabilizing

AP News
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Posted: Aug 29, 2012 4:06 PM

STABLIZING: A Chinese government official said efforts to reverse the nation's economic slump are taking effect and growth is "stabilizing at a slow pace."

SLOWDOWN: Economic growth fell to a three-year low of 7.6 percent in the second quarter. Forecasters expect growth to rebound late this year or early next, but a strong recovery requires improvement in the U.S. and Europe.

SPECULATION: Government curbs on China's housing market have suppressed speculative activity blamed for soaring prices. Prices for new homes declined in July in 58 out of 70 major Chinese cities.