China’s economic growth rate slowed to its weakest rate in more than four years in March as growth slowed to a record low.
The People’s Bank of China reported Friday that its economic growth slowed from 7.8% in March to 7.2% in April, according to data released by the central bank.
Economists surveyed by Bloomberg had forecast growth of 7.7% in the third quarter.
Analysts at BNP Paribas said Friday that the pace of China’s GDP growth has slowed to 7%.
The slowdown in China’s economy has been accompanied by a sharp slowdown in its housing market, which has seen prices plunge.
The housing market has been the source of concerns for policymakers because of a surge in home prices over the past few years.
Despite the slowing growth, Chinese officials have said they have been able to keep inflation below 3%.
In an effort to stem the slowdown, Chinese President Xi Jinping announced on Wednesday a stimulus package worth $4.8 trillion over four years, to be funded by a large-scale investment in infrastructure.
China is one of the world’s biggest economies, with annual growth of about 6%.
China’s economy grew by a record 6.1% in 2016, the fastest pace in over two decades, and a record 7.1%.
With more than 2.3 billion people in China, it is the world leader in the number of people living in poverty.