According to the latest data released, Chinese economic growth ahs slowed to its slowest pace in more than three years as the country recorded sixth straight quarter of a slowdown in growth.

There are indications that the steps taken by the authorities in the country are showing results of stabilization in the economy. However, many believe that the government will have to do more to boost the growth in the world’s second largest economy.

The annual growth rate of 7.6 percent in the second quarter is higher than the government’s estimate of 7.5 percent for the whole financial year. The growth brought down the average growth for the firs thalf year to 7.8 percent. The Chinese government has reacted aggressively when the growth fell below 8 per cent to improve condition for growth.

The GDP figures released by the Chinese authorities on Friday are largely in line with the market expectations. Analysts have said that they believe that the worse time is over and the coming quarter will see stabilization as well as improvement in growth rates not only in China but also in other emerging economies including the BRICS group.