China's economy grew by 7.5 percent during the second quarter, compared with 7.7 percent during the first three months of 2013, the National Bureau of Statistics said Monday.

Gross domestic product of the world's second-largest economy rose to 24.8 trillion yuan ($4.03 trillion) in the April-June period.

The Chinese government forecasts growth of 7.5 percent this year, down from 7.8 percent in 2012, when the Asian giant experienced its slowest rate of expansion in 13 years.

By sector, agriculture grew 3 percent, manufacturing 7.6 percent and services 8.3 percent over the second quarter of 2012.

Retail sales, the chief indicator of domestic consumption, grew 12.7 percent in the second three months of 2013.

In presenting the figures, NBS spokesman Sheng Laiyun said the Chinese economy "achieved sustained development and grew at a moderate pace."

Chinese leaders have shown a willingness to sacrifice short-term economic growth while pursuing a progressive restructuring of the country's economic model away from its current reliance on exports.

Comments from official and semi-official sources indicate the Chinese government would tolerate economic growth this year of as low as 7 percent. EFE