China's economy hits a speed bump

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Today, China announced that it's GDP grew at a much slower rate in the first quarter of 2009, down almost 4% since this time last year and the weakest growth since quarterly records began in 1992. China says it's determined to achieve annual growth of 8 percent. So, what does this say about China's place in the shaky financial world? And what implications does China's growth have for the U.S.? To help answer those questions, The Takeaway is joined by John Pomfret. He is the author of Chinese Lessons: Five Classmates and the Story of the New China and writes the blog Pomfret's China on the Newsweek Washington Post website.
"They desperately want China to be a partner in the world's economic ship of state. As such, they are willing to sideline, soft-pedal, de-emphasize or basically ignore significant problems that exist in the U.S./China relationship."
—Author and blogger John Pomfret on the economic importance of China