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SHANGHAI, China — Laid-off factory workers and slumping car sales indicated China’s booming economy was not immune to the global meltdown. New figures confirm it: China’s economy is still growing but at the slowest pace in five years.
The National Statistics Bureau said Monday that the economy expanded by just 9 percent in the third quarter, the slowest rate since 2003.
China’s State Council has begun drafting measures to counter the slowdown, including export-tax rebates on labor-intensive products such as clothing, as well as on electronics and small appliances.
