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News Summary: China's 1Q economic growth slows

The Associated Press

SURPRISE SLOWDOWN: China's economic growth slowed unexpectedly in the first three months of the year, fueling concern about the strength of the recovery in the world's second-largest economy.

THE DATA: China's economy grew by 7.7 percent from the year before, down from the previous quarter's 7.9 percent pace, the government reported Monday. That fell short of many economists' forecasts that growth would accelerate to a pace of 8 percent.

THE ANALYSIS: Analysts have warned that China's recovery from its deepest slump since the 2008 global crisis is weak and is being supported by bank lending and government-led investment, while growth in consumer spending is subdued.