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| Version 3 | Version 4 |
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| Weak exports hit China's growth | Weak exports hit China's growth |
| (31 minutes later) | |
| Annual growth in China's gross domestic product (GDP) slowed in the first quarter of 2009 to 6.1%, the National Bureau of Statistics has announced. | Annual growth in China's gross domestic product (GDP) slowed in the first quarter of 2009 to 6.1%, the National Bureau of Statistics has announced. |
| This is the weakest growth since quarterly records began in 1992, but some analysts see signs of a recovery. | This is the weakest growth since quarterly records began in 1992, but some analysts see signs of a recovery. |
| Growth was 6.8% in the last quarter of 2008, but the first quarter GDP figure dropped as exports fell 17% in March. | Growth was 6.8% in the last quarter of 2008, but the first quarter GDP figure dropped as exports fell 17% in March. |
| China's government has said it is determined to achieve annual growth of 8%, and to expand its domestic demand. | China's government has said it is determined to achieve annual growth of 8%, and to expand its domestic demand. |
| "There's little the Chinese government can do to help key markets for Chinese products in the US and Europe recover," said the BBC's Chris Hogg in Shanghai. | "There's little the Chinese government can do to help key markets for Chinese products in the US and Europe recover," said the BBC's Chris Hogg in Shanghai. |
| "That's why it's focussing on trying to stimulate domestic demand." | "That's why it's focussing on trying to stimulate domestic demand." |
| There has been a recognition among Chinese state officials that too sharp an economic slowdown could lead to growing unemployment and may fuel social unrest. | There has been a recognition among Chinese state officials that too sharp an economic slowdown could lead to growing unemployment and may fuel social unrest. |
| 'Pressure' | 'Pressure' |
| Announcing the GDP figure, the National Bureau of Statistics (NBS) said that export demand had dropped sharply, cutting into company profits, reducing government revenues and raising unemployment. | Announcing the GDP figure, the National Bureau of Statistics (NBS) said that export demand had dropped sharply, cutting into company profits, reducing government revenues and raising unemployment. |
| "The national economy is confronted with the pressure of a slowdown," an NBS statement said. | "The national economy is confronted with the pressure of a slowdown," an NBS statement said. |
| Most of the indicators are better than earlier market expectations, although the annual GDP growth in the first quarter is a historical low Xing Zhqiang, China International Capital Corporation class="" href="/1/hi/business/8001387.stm"> Optimistic signs for China's economy | |
| China experienced double-digit growth from 2003 to 2007, and recorded 9% growth in 2008. | China experienced double-digit growth from 2003 to 2007, and recorded 9% growth in 2008. |
| Analysts said the first-quarter drop in growth was in line with expectations. | Analysts said the first-quarter drop in growth was in line with expectations. |
| But other data offered by the government suggested a tentative recovery may already be under way. | But other data offered by the government suggested a tentative recovery may already be under way. |
| Industrial output expanded 5.1% in the first quarter. It was up 8.3% year-on-year in March, against 3.8% in January and February. | Industrial output expanded 5.1% in the first quarter. It was up 8.3% year-on-year in March, against 3.8% in January and February. |
| Fixed asset investment on items such as new factories and equipment was up 28.6% in March from 26.5% in February. | Fixed asset investment on items such as new factories and equipment was up 28.6% in March from 26.5% in February. |
| Spending on property development grew by 4.1% in the first quarter, and retail sales remained strong with a 14.7% growth during March. | Spending on property development grew by 4.1% in the first quarter, and retail sales remained strong with a 14.7% growth during March. |
| 'Surge in investment' | 'Surge in investment' |
| "Most of the indicators are better than earlier market expectations, although the annual GDP growth in the first quarter is a historical low," said Xing Zhqiang, analyst at China International Capital Corporation in Beijing. | "Most of the indicators are better than earlier market expectations, although the annual GDP growth in the first quarter is a historical low," said Xing Zhqiang, analyst at China International Capital Corporation in Beijing. |
| "We expect that the most difficult time for China's economy has passed, as the surge in investment has partly offset the negative impact from declining exports." | "We expect that the most difficult time for China's economy has passed, as the surge in investment has partly offset the negative impact from declining exports." |
| China has started to implement a 4 trillion yuan ($585bn, £390bn) stimulus package to counter the impact of the global slowdown, and this package has been seen as helping to spur lending in the first three months of the year. | China has started to implement a 4 trillion yuan ($585bn, £390bn) stimulus package to counter the impact of the global slowdown, and this package has been seen as helping to spur lending in the first three months of the year. |
| "The overall national economy showed positive changes, with better performance than expected," the NBS said. | "The overall national economy showed positive changes, with better performance than expected," the NBS said. |
| It said that urban per-capita incomes were up 11.2% from a year earlier in real terms and that rural per-capita incomes were up 8.6%. | It said that urban per-capita incomes were up 11.2% from a year earlier in real terms and that rural per-capita incomes were up 8.6%. |
| The consumer price index (CPI), China's main gauge of inflation, fell 0.6% in the first quarter of 2009 from a year earlier, according to the bureau. | The consumer price index (CPI), China's main gauge of inflation, fell 0.6% in the first quarter of 2009 from a year earlier, according to the bureau. |