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As China's economy slows, economists look for signs of reform

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China announced Monday that its GDP slowed to 7.5 percent in the second quarter – big numbers by global standards, but poor for China. Economists are looking for signs that China may begin to revamp the world’s second-biggest economy.

"This place is slowing down because they need to change the economic model because the old model has run out of gas," said James Mcgregor, an American journalist, businessman and expert on China who authored the book "One Billion Customers: Lessons from the Front Lines of Doing Business in China."

Watch more of Ian Williams' report on the Chinese economy from Beijing above.