Asia news business for today

Here are some of the top Asia news stories in the business sector for today:

China:

• China's economy grew at a slower pace in the second quarter, with GDP expanding 6.2% year-on-year, according to official data. This is the weakest growth rate since the global financial crisis. (Source: Reuters)
• China's central bank has cut the reserve requirement ratio for commercial banks by 0.5 percentage points to boost lending and support the economy. (Source: Bloomberg)

Japan:

• Japan's economy contracted by 0.2% in the second quarter, according to preliminary data, due to a decline in exports and a slowdown in domestic demand. (Source: Nikkei Asian Review)
• Japan's government has announced plans to increase its budget for the current fiscal year by 2.8 trillion yen (around $25 billion) to stimulate the economy. (Source: Japan Times)

South Korea:

• South Korea's economy grew by 2.1% in the second quarter, according to preliminary data, driven by a surge in exports and a recovery in the manufacturing sector. (Source: Yonhap News Agency)
• South Korea's central bank has kept interest rates unchanged at 1.75% for the 11th consecutive month, citing concerns over the global economy and trade tensions. (Source: Bloomberg)

India:

• India's economy grew by 5.8% in the first quarter, according to official data, driven by a recovery in the manufacturing sector and a boost from government spending. (Source: Reuters)
• India's government has announced plans to increase its spending on infrastructure and social welfare programs to boost economic growth and create jobs. (Source: The Hindu)

ASEAN:

• The Association of Southeast Asian Nations (ASEAN) has launched a new initiative to promote economic integration and cooperation among its member states. (Source: ASEAN Secretariat)
• The Philippines has announced plans to increase its spending on infrastructure and public-private partnerships to boost economic growth and attract foreign investment. (Source: Philippine Daily Inquirer)

These are just a few of the top Asia news stories in the business sector for today.