Chinese economy, the world's second-largest economy, grew in April but at a slower pace, according to a monthly index prepared by HSBC.

The HSBC `flash' China Manufacturing PMI (Purchasing Managers Index) for April slipped to 50.5 points, from 51.6 points recorded for the previous month.

It may be noted her that a reading of above 50 represents growth in the economy, while a reading of below 50 shows contraction. The index for April therefore shows growth, but the pace of growth declined considerably month-on-month.

China's manufacturing sector saw a considerable decline in growth mainly due to a drop in new export orders. A sub-index showed that new export orders dropped from 50.5 in March to 48.6 in April, providing a clear hint that the world's second-largest economy is still facing dreadful economic headwinds.

Qu Hongbin, chief economist at HSBC China, said, "New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remains weak."

Hongbin, however, added that the government was expected to take hard efforts to sustain the economic recovery by boosting domestic investment as well as consumption in the coming months.

Meanwhile, the International Monetary Fund (IMF) lowered its 2013 projection for global growth to 3.3 per cent, from its own January projection of 3.5 per cent.