China’s economy expanded by 6.1% in the first quarter, its slowest pace in at least a decade. But many economists believe this will be the low point for the world’s third-largest economy, as signs of recovery are already starting to emerge.

Speaking at his annual press conference Friday, Chinese Premier Wen Jiabao announced more than $200 billion of new spending to bolster the nation’s flagging economy. However, Wen also voiced concern about China’s financing of U.S. debt – which U.S. President Barack Obama is counting on to fund this country’s massive stimulus plan. 

The People’s Bank of China continued nipping away at its one-year lending rate, cutting off 0.27 percentage points to 5.31%, its fifth rate cut in three months.