If any country in Europe could report growth figures of 7.6%, they would be met with trumpets and street parties but in China a GDP level of 7.6% represents a three year low from GDP levels of over 10% in 2010.

Why should we care? 

Well this is the world's second largest economy and they buy the cars, trucks and products we produce in Europe and any slow down in their economy will be felt in the eurozone and indeed in the US also.

Global economies are so tighly intertwined, as are their banking systems, that an economic "sneeze" anywhere and we all catch cold.

Equities are weak on this data, that could have been worse and on disappointing news from the American Central bank, (the Federal Reserve) where there were some expectations of more economic assistance (QE) that didn't happen and most european stock markets were in the red on Thursday but expected to open slightly higher Friday.