China′s GDP up 6.1% in Q1

Figures just released by China's National Bureau of Statistics show China's GDP growth continued to slow to 6.1 percent in the first quarter. But other economic data indicates the economy is beginning to stabilize.

Li Xiaochao, Spokesman of National Bureau of Statistics said "Positive changes have occurred in our economic situation. The overall performance is better than previously expected."

The statistics agency also released other key economic figures. The Consumer Price Index, a main gauge for inflation, was down 0.6 percent between January and March. Total fixed asset investment of the country rose nearly 29 percent during that period. Meanwhile, industrial output rose by about five percent. And total retail sales increased 15 percent year on year.

The NBS spokesman also spelled out the remaining challenges for 2009.

Li Xiaochao said "affected by the international financial crisis, the demand for exports has decreased significantly. This has led to profit slump for businesses, reduction in fiscal revenue and mounting employment difficulties."

The spokesman says the economy is still under huge downward pressure and difficulties in meeting the target.