China’s economy cools slightly in Q1

China’s economy slowed down slightly in the first six months of this year, but still maintained a strong, double-digit growth rate. The country’s gross domestic product grew at 10.4% in the first two quarters of the year. By comparison, the growth rate registered for all of 2007 was 11.9%. The cooling of China’s red-hot economy was partly caused by slower exports and a drive by the central bank to tighten credit. Li Xiaochao, a spokesperson for China’s National Bureau of Statistics, said natural disasters in the first half of this year also played a role. “China experienced low temperatures and icy storms earlier this year, a severe earthquake and also floods in southern parts of China – those have impact on the national economy,” said Li. (July 21, 2008)