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Chinese Economic Growth Slows in First Quarter
China's economy, which expanded at a 7.9% annual rate in the fourth quarter of 2012, grew at a 7.7% pace in January through March this year, according to the Beijing-based National Bureau of Statistics.
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China's economy, which expanded at a 7.9% annual rate in the fourth quarter of 2012, grew at a 7.7% pace in January through March this year, according to the Beijing-based National Bureau of Statistics.
The size of the increase, which is sluggish for China, disappointed economists. They note that growth was slowest in March, which bodes ill for the current three-month period.
It is the first time in about 20 years that the country's economy has expanded less than 8% for four consecutive quarters. Analysts now fear China's recovery will be weaker than expected. The World Bank cut its forecast for the country's GDP growth by 0.1 point to 8.3%.
The data also disappoints automakers and other global exporters who were hoping that rebounding Chinese demand would offset Europe's continued declines.
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