Updated: Thu, 12 Jul 2012 23:00:36 GMT | By The Associated Press, cbc.ca

China's economic growth slows despite stimulus



China's economic growth slows despite stimulus

China's economic growth slowed to a new three-year low in the latest quarter as exports and consumer spending weakened.

Data reported Friday showed the world's second-largest economy expanded by 7.6 per cent in the three months ending in June, down from 8.1 per cent the previous quarter.

That was the slowest growth since the first quarter of 2009 during the depths of the global financial crisis.

Export growth has fallen steadily amid anemic global demand and Chinese domestic consumer spending has weakened.

The government has cut interest rates twice since the start of June and launched a flurry of stimulus measures.

Analysts expect economic growth to rebound in the second half of the year, but the slowdown raises the threat of job losses and political tensions.

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