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Friday, April 17, 2009

China records slower growth

China's economy has continued to grow but at a slower rate of 6.1 per cent in the first quarter of this year compared to 6.8 per cent in the previous quarter, the latest government data has shown.The figure is well below the government's hoped-for annual growth of 8 per cent in 2009, and 4.1. per cent below the growth rate seen in the first quarter of last year.Data released by the National Bureau of Statistics on Thursday showed China's annual GDP growth continuing to slow despite a huge government stimulus plan to keep the economy strong.According to Reuters news agency the latest figures marked the weakest growth since China began publishing quarterly records in 1992.Economists polled by Reuters had forecast a growth rate of 6.3 per cent, but the slowdown underlines the impact of the global slump on China's trade-dependent economy.Chinese exports fell 17 per cent in March, the fifth straight monthly decline but less severe than February's 25.7 per cent plunge.Before the global economic crisis struck, China's GDP had experienced double-digit growth from 2003 to 2007.

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