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Chinese Economic Growth Cools
China's gross domestic product, which expanded at an annual rate of 8.9% in the fourth quarter of 2011, grew at an 8.1% pace in the first quarter of this year, the country's National Bureau of Statistics reports.
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China's gross domestic product, which expanded at an annual rate of 8.9% in the fourth quarter of 2011, grew at an 8.1% pace in the first quarter of this year, the country's National Bureau of Statistics reports.
First-quarter growth was the slowest in three years, dragged down by declining exports caused by economic weakness in Europe and other overseas markets. Stubbornly high housing prices are dampening home sales and new construction, analysts say.
China's GDP still exceeds the government's outlook of 7.5% expansion in 2012, which would be the smallest growth in eight years. Economists say Beijing is already shifting its focus from reining in inflation to bolstering the economy.
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