China has experienced its slowest pace of growth in nearly three years. And analysts aren’t surprised by the figures announced today for the world’s second largest economy.
In the first three months of this year, the country’s Gross Domestic Product slowed down to 8.1%, a drop of 0.8% on the last quarter of 2011. Overall last year the Chinese economy grew by 9.2, and in 10.4% in 2010.
Policymakers wanted to curb lending to control consumer prices and keep a lid on the fast-rising property prices. So the brakes on growth might sound like bad news, but in fact China wanted it that way, according to Richard Jerram, Chief Economist at the Bank of Singapore
And The World Bank said it’s raised China’s growth forecase for next year from 8.3% to 8.6%China’s Q1 GDP growth slows to 8.1%