By Hugo Duncan
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The global economy sank deeper into the mire yesterday as the powerhouse Chinese economy grew at its slowest pace for more than three years.
Beijing said second-quarter output in the world?s second-biggest economy was 7.6 per cent higher than a year ago ? down from 8.1 per cent in the first quarter.
Officials were forced to deny claims that the figures painted a rosy picture to disguise a deeper malaise.
Slowing down: China saw its economy grow by just 7.6 per cent in the last quarter, its slowest pace for more than three years
Sheng Laiyun, spokesman of the national bureau of statistics, said: ?I want to tell everyone that they are wrong.
?Our data is independently verified and it all matches up.?
Waning confidence in the United States and the escalating crisis in the eurozone further stoked fears about the health of the global economy.
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Debt-riddled Italy was rocked by a downgrade to its credit rating amid fears it will be the next country in the eurozone to need international aid.
The government in Rome successfully raised funds at a debt auction but the interest rate on crucial ten-year bonds surged back above 6 per cent ? close to the 7 per cent danger zone.
In Britain, Chancellor George Osborne said the launch of an ?80bn emergency scheme to kick-start bank lending showed Britain was ?not powerless to act? in the face of the eurozone crisis.
The Treasury and the Bank of England launched the flagship ?funding for lending? scheme designed to ease the deepening credit crunch and drag Britain out of recession.
Banks and building societies will be given access to low-cost funds that are underwritten by the taxpayer on the condition they boost lending to homebuyers and small businesses.
The Chancellor said: ?The British Government can act and will act.?
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