Chinese economy grows at slowest pace in three years
GROWTH in the Chinese economy came in at 8.1pc in the first quarter, its slowest pace in nearly three years.
The pace marked the fifth consecutive quarterly slowdown as the country was hit by weak demand in key export areas and against the backdrop of the eurozone debt crisis – its biggest export market.
Despite this, many analysts believe the economy will have a soft landing with growth expected in the second half of the year on expectations of a pick-up in Europe and the US.
Data showed output from its millions of factories and workshops rose at a much slower pace in the first quarter.
Industrial output was up 11.6pc in the first quarter, compared with growth of 15.7pc a year earlier, the National Bureau of Statistics said.