China's economic growth slows down to 7.5 percent in second quarter

China's economy has slowed down in the second quarter of 2013 to 7.5 percent, according to a data released by the Chinese government.

The Sky News reports that the continued slowdown over 13 quarters comes as the world's second largest economy eases its reliance on exports.

The Chinese Foreign Minister Lou Jiwei said that a growth rate of 6.5 percent this year would not be a 'big problem' as the target was 7 percent.

Chinese leaders have said for many years that their goal is to fully rebalance their economy away from an over-reliance on exports and boost domestic consumer spending.

According to the report, retail sales, a key indicator for consumer spending, has increased 12.7 percent this year.

China's industrial production has gone up by 8.9 percent this year, the report added.

Moreover, fixed asset investment, a key tool to prompt economic growth, also rose to 20.1 percent in the first six months of 2013.