China's central bank cuts interest rates in growth move China's interest rate cuts are aimed at boosting slowing economic growth Continue reading the main story Global EconomyQ&A: Greek debt crisis Euro crisis causes Euro crisis timeline Greek austerity targets Beijing, China's central bank cuts interest rates in growth move Beijing, The Chinese central bank has cut its benchmark interest rates for the second time in two months, in a bid to arrest slowing economic growth. Benchmark lending rates will be cut from 6.31% to 6%, while deposit rates will fall from 3.25% to 3%. The amount of photovoltaic capacity installed in China will reach 21 gigawatts by 2015, four times more than that in the government's initial plan, local media reported citing sources from the National Energy Administration. Although the figure has yet to be confirmed, there is no doubt that the country is pouring investment into the new energy sector, especially the renewable energy resources. The government is trying to combine stimulus measures and restructuring efforts to reinvigorate the slowing economy, Chinese News Agency (Xinhua) reported. On the website of the National Development and Reform Commission (NDRC), there are lists of all projects approved by the country's top economic planner. By June 20, a total of 1,500 projects had been approved, the data shows.