04/13/2012 (10:52 am)
China’s economic growth falls to nearly 3-year low
China’s economic growth slowed to its lowest level in nearly three years in the first quarter amid lending controls and weak trade.
The world’s second-largest economy grew by 8.1 percent in the three months ending in March, its weakest expansion since the second quarter of 2009, data showed Friday. It grew 8.9 percent in the last quarter of 2011.
China’s growth has declined steadily since mid-2010 as global demand for exports weakened and Beijing tightened lending and investment curbs to cool an overheated economy and surging inflation.
Most analysts expect China to achieve a “soft landing,” with its slowdown bottoming out later this year and growth rebounding. But some worry growth might fall too abruptly, raising the risk of job losses.
A sharp slump could have global repercussions, hurting demand for oil, industrial components and consumer goods at a time when U.S. and European growth are weak.
Other data reported Friday showed China’s factory output, retail sales and other economic indicators weakening, though still at robust levels. Factory output rose 11.6 percent over a year earlier in the first quarter. Retail sales were up 10.9 percent.
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