News Summary: China's economy recovers slowly

News Summary: China's economy recovering slowly but days of torrid growth are over

Associated Press

TWO TIERS: Business for China's retailers, hotels, photo studios and other service industries is picking up as the country limps out of its deepest slump since 2008. But exporters and manufacturers who drove its boom over the past decade are struggling.

STRATEGIC SHIFT: China is seeking more sustainable gains by changing its focus from exports and investment to promoting consumer spending, service industries and technology.

SINGLE-DIGIT GROWTH: Growth slowed to a three-year low of 7.4 percent during the third quarter, and economists cut growth forecasts for the year to below 8 percent — the weakest since the 1990s. Even after a recovery, they see it rising to only about 8.5 percent by 2014.

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