China economy’s 8.4% gain lowest since early 2009

China’s economy may have expanded about 8.4% in the first quarter, the least since the first half of 2009, according to an estimate given by an official 10 days before the data is due.

Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, cited “relevant China research institutes’ initial figures” for the estimate and predicted a gain of about 3.5% in consumer prices. He spoke yesterday during a panel discussion at the Boao Forum for Asia, a gathering of government and business leaders on China’s tropical island of Hainan.

The growth figure compares with the 8.3% median estimate of 28 economists surveyed by Bloomberg News. The fifth straight slowdown in quarterly growth will underscore concerns that weakness in the Chinese economy is set to limit a global expansion already capped by Europe’s austerity measures.