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China's Economy Slows Amid Rate Hikes, Inflation

Workers at China's biggest used home-appliance recycling factory in Jingmen, central China.
China's economy grew by 9.5 percent in the latest quarter, according to fresh economic data, down slightly from 9.7 percent in the previous quarter.

Retail sales and factory output grew by double digits.

Beijing has tightened controls to fight rising inflation, which hit a three-year high of 6.4 percent in June despite slowing growth.

Rising prices could threaten economic gains and fuel public unhappiness for the communist government.

China is the world's second-largest economy, and economists are watching for signs of reduced demand for machinery and other imported goods after earlier indicators showed a sharp drop in imports in June.

The news follows the announcement that the International Monetary Fund (IMF) named the first Chinese deputy managing director in its history, economist Zhu Min. The move is seen as a recognition of China's growing power in the global economy.

compiled from agency reports