Business News: China GDP, Economy slows to 6.7% in first quarter


China’s economy grew at an annual rate of 6.7% in the first quarter of the year, says the government.It is the slowest quarterly growth in the Chinese economy in seven years, but in line with expectations and China’s own growth targets.
In the final quarter of last year, the economy expanded by 6.8%.
Friday’s figures confirm the slowing trend in the world’s second largest economy.
Investment in industrial assets and infrastructure registered a surprise jump by 10.7% in the three months to March, when compared to the same period last year.
Consumers also appear to be spending, with retail sales showing a robust 10.5% jump for March.
That fits Beijing’s attempts in recent years to transform China from an export-led economy to a consumer-led one.