An exchange traded fund indexed to Chinese stocks was slightly higher before Friday’s bell after the country said first-quarter economic growth rose 8.1%, a bit below expectations.

The iShares FTSE China 25 Index Fund (NYSEArca: FXI) rose 0.3% after vaulting 3.6% Thursday on whispers China would report a blowout GDP figure.

Still, the economy grew at the slowest pace in 11 quarters, MarketWatch reported. “The current slowdown looks more and more like a slow consolidation, rather than a precipitous downturn like we saw in 2008-2009,” IHS Global analyst Xianfang Ren said in the report.

The $6 billion China ETF is up 7.4% year to date but is trading below its 50-day and 200-day exponential moving averages. Investors watch China ETFs as a barometer of the health of the global economy, although there are worries the developing country could face a hard landing in the economy and real estate market.

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