China’s growth outlook is subject to mounting headwinds in Q1

China’s 2015 first quarter GDP growth slowed down to 7.0% y/y from 7.3% y/y of last quarter, which is in line with our and market expectations (BBVA: 7.0% y/y versus Consensus: 7.0% y/y) but still registered the lowest growth rate since1990. In sequential terms, Q1 GDP expanded at a pace of 1.3% q/q sa, decreasing from 1.5% q/q sa of Q4 2014.

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