News Summary: China cuts key lending rate

AP News
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Posted: Jun 07, 2012 12:11 PM

CUT RATE: China cut its benchmark lending rate Thursday for the first time in nearly four years, adding to efforts to reverse a sharp economic downturn.

BOOSTER SHOTS: Beijing has rolled out a series of measures to stimulate the economy after growth fell to a nearly three-year low of 8.1 percent in the first quarter and April factory output grew at its slowest rate since the 2008 crisis.

STIMULUS TARGETS: The government has said it will pump billions of dollars into the economy through spending on building low-cost housing, airports and other public works. It also has approved a wave of major investments by state companies.