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The slowdown is due largely to government curbs imposed on investment and construction to cool overheating and try to nurture a more self-sustaining expansion supported by domestic consumption. That has hurt China's large construction industry and demand for steel, cement and other materials. An unexpected slump in global demand for Chinese goods last year hurt exporters. Retail sales rose 14.4 percent in September, accelerating from the first half's 14.1 percent growth. Investment in factories and other fixed assets rose 20.5 percent in the first nine months of the year, up from a 20.2 percent rate for the first eight months. Chinese leaders have cut interest rates twice since early June and are pumping money into the economy through higher spending by state companies and on building airports and other public works. They have avoided a larger stimulus after their multibillion-dollar spending in response to the 2008 global crisis fueled inflation and a wasteful building boom.
[Associated
Press;
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