CHINA’S economy grew at its slowest pace in seven years in the first quarter; however, indicators from the country’s consumer, investment and factory sectors point to nascent signs the slowdown in the country may be bottoming out.

    Official data showed Friday that gross domestic product (GDP) grew 6.7 percent in the first quarter from the previous year, in line with analyst forecasts and easing slightly from 6.8 percent in the fourth quarter.

    While it marks the weakest pace of expansion since the first quarter of 2009, when growth tumbled to 6.2 percent, other activity data reinforced previous signs that the economy may be finding traction with better-than-expected growth seen in retail sales, industrial output and fixed-asset investment.

    Chinese banks extended 1,370 billion yuan (US$211.23 billion) in net new yuan loans in March, exceeding analyst expectations and nearly double the previous month’s lending of 726.6 billion yuan, suggesting renewed appetite for investment among wary Chinese corporates.

    China’s fixed-asset investment growth quickened to 10.7 percent year on year in the January-March period, beating market expectations for 10.3 percent, and industrial output growth leapt to 6.8 percent, surprising analysts who expected it to rise 5.9 percent.

    Retail sales rose 10.5 percent, slightly above forecasts of 10.4 percent.

    March export figures released earlier last week also staged an unexpected recovery.

    (SD-Agencies)