China’s economy grew by a modest 3.1 percent in the first quarter of 2018, according to official data, as it boosted spending to keep the economy from slowing.
The Chinese central bank’s official data released on Wednesday showed that the economy grew at an annualized rate of 1.1% in the three months to March, compared with an annual rate of 2.9% in March.
The economy grew 5.2 percent in 2019, the weakest pace since 2009, according a report by Bloomberg.
China’s economy has grown more slowly than the United States and Europe over the past two years, as the country has undergone a long period of severe financial crisis and slow economic growth.
China has been grappling with a massive budget deficit that has caused many to question its economic growth and political stability.