China's economy is slowing fast. And that may be a very good thing. Falling exports and tighter credit cooled China's growth in the second quarter to 7.5% from a year earlier, officials said Monday. Growth in the first quarter was 7.7% and many analysts now predict the nation's gross domestic product will expand 7.5% — or even less — for the year. Although that's a blistering pace compared with those of the U.S. and many other Western nations, it would be a drop from China's 7.8% rate last year and the country's slowest growth since 1990 after nearly two decades of double-digit annual expansion.
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