The International Monetary Fund (IMF) has revised down its projections for global economic growth for this year and 2013, however a Chinese official said there is no need for panic, emphasizing that fears China will further drag down global growth is unwarranted, adding that the Chinese slowdown is more of a result of Bejing’s self-initiated efforts to restructure its economy and to shift its development model. Latest statistics indicate that the Chinese economy expanded at a rate of 7.6% y-y in the 2Q, which was below 8% for the first time in three years and marked the 6^th quarterly decline in a row.