China Economy Slows

    A labourer carries materials at the construction site of a new housing project in Hefei, in eastern China's Anhui province on February 18, 2012. Home prices in more than two-thirds of China's major cities continued their slump in January from a month before, the government announced, as moves to cool the market continued to bite.        CHINA OUT      AFP PHOTO (Photo credit should read STR/AFP/Getty Images)

    AFP / Getty Images

    China's economy is slowing ... but still leaving most nations in the dust. The country's GDP grew at 8.1 percent in the first quarter, the National Bureau of Statistics said Friday, which is a rate that the U.S. could only dream of. But it marks a deceleration from the 8.9 percent rate in the quarter before, and it is historically a low for a country that's seen 10-percentage points of growth for three decades. Government efforts to cool inflation and deflate a housing bubble were some of the reasons the world's second largest economy started slowing last year, and the problems in Europe and the U.S. also affected China's manufacturing and exports.

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