U.S. Vice President Joe Biden said the country’s economic recovery is on track even as China’s growth has slowed.
“It won’t derail it,” Biden said in a Bloomberg Television interview in Singapore. “But obviously, slowing of growth in the second-biggest economy of the world is just like if our economy slowed: it will affect the world.”
China’s gross domestic product rose 7.5 percent in the second quarter from a year earlier, down from 7.7 percent in the previous period, extending the longest streak of sub-8 percent expansion in at least two decades. Officials on July 25 ordered more than 1,400 companies in 19 industries to cut excess production capacity this year, part of efforts to shift toward slower, more-sustainable economic growth.