China's Fast Growth Slows to a Crawl
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BEIJING, April 16 -- China's economy grew at its slowest pace in at least a decade in the first quarter as the global financial crisis battered trade, but the government said the performance was better than expected amid huge stimulus spending.
The world's third-largest economy grew 6.1 percent from a year earlier, down from the previous quarter's 6.8 percent expansion, the government reported Thursday. Analysts said the 6.8 percent rate in the fourth quarter was the lowest since 2001 and possibly earlier.
Beijing is carrying out a $586 billion stimulus package to shield the country from the global slump. The collapse in global demand for Chinese goods put at least 20 million people out of work.
-- Associated Press
