China’s economy grew at its slowest pace since the global financial crisis in the first quarter, official data showed on Wednesday, building the case for further stimulus from policymakers.
Gross domestic product (GDP) expanded 7 percent in the three months to March from the year ago period, according to figures from the National Bureau of Statistics, in line with the forecast in a Reuters poll and lower than the 7.3 percent print in the previous quarter.
This is the worst showing since first quarter of 2009, during the height of the financial crisis, when growth pace slowed to 6.6 percent. Quarter on quarter, the economy grew 1.3 percent, a touch lower than the 1.4 percent estimate and versus 1.5 percent in the fourth quarter.
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