China's GDP Crawls, But Worst May Be Over

China's GDP growth fell to its lowest level last quarter since Beijing started keeping records in 1992, the Wall Street Journal reports. The 6.1% growth, however, is in line with forecasts and actually seen as decent news by many economists. Data on loans and industrial growth suggest that the economy already may have bottomed out. Beijing—hit hard by plunging exports—struck a cautious note and warned that "the task is still arduous."

"The stimulus policies—both fiscal and credit expansion—led by the government is certainly the main driver of the rebound," said a UBS economist. "The full impact of those stimulus policies will be shown in the coming months."
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