China’s economy grew at an annual rate of 6.7 per cent in the first quarter of 2016, down slightly from the end of last year but comfortably within the government’s targeted range, as housing and infrastructure cushioned a slowdown from financial services. The latest gross domestic product growth figure is the lowest since the depths of the financial crisis in the first quarter of 2009. Slowdown in China, for years a key engine of global growth, has spooked international investors and prompted Beijing to unleash heavy stimulus, including increased fiscal spending on infrastructure and looser monetary policy. But that, as evidenced by the data breakdown, is hampering efforts to rebalance the economy away from excess reliance on heavy industry and construction towards consumption and services. First quarter GDP growth compares with 6.8 per cent in the fourth quarter and economist expectations of 6.7 per cent, according to a survey by Wind Information, a Chinese financial data provider. In March, China’s parliament approved a full-year growth target of 6.5-7 per cent, down from last year’s target of “around 7 per cent”.