The G10 (Group of 10) major central banks believe the global economy has reached a turning point, with recovery evident in a few places and contraction slowing. "We are, as far as growth is concerned, around the inflection point in the cycle," said European Central Bank president Jean-Claude Trichet, spokesperson for the group. "In all cases we see a slowing down of the decrease of the GDP that has been observed in the last quarter of last year and the first quarter of this year. In certain cases you see already a picking up, in other cases you see it continuing to fall, but at a lower pace," he said. The G10's announcement came amid signs that China's economic stimulation was working. Surveys have also showed a rise in business confidence.