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China’s economic growth slows in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/04/2015 (10:29)
According to data released by China’s National Bureau of Statistics (NBS), the country’s economic growth slowed in the first quarter of this year to post the weakest growth rate since the first quarter of 2009. China’s gross domestic product (GDP) rose 7% on the year in the first three months of this year after growing by 7.3% in the last quarter of 2014. However, the growth rate in the January- March period met the government’s 2015 economic growth target of 7%.

In the first quarter, China’s industrial production rose 6.4% year over year after rising 8.7% in the same period of 2014 while fixed asset investment rose 13.5 % on the year from a year earlier to CNY7.75 trillion ($1.26 trillion), posting the lowest level since 2000. The country’s retail sales increased 10.6% year on year in the first quarter to CNY7.07 trillion ($1.15 trillion) while property investment expanded at the weakest pace since 2009 to gain 8.5% on the year.

Economists cited globally subdued economic growth and China’s ongoing structural reforms as the main reasons behind slowing economic growth.
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