China cutting its interest rate

So, like the U.S. facing the economic recession, the Federal reserve bank slash the interest rate more than three times, trying to help boost up the economy, and also save the housing market. Making it easier for small businesses to borrow money from variety of banks. Such move also followed by Chinese Central bank as I read this news this morning. Is it an indication of China also in economic stagnant situation? Since the European slowdown on its economy, it might also affect other countries without doubt. Also, most Chinese products export to Europe, as one of their biggest client. So, such interest cut from Chinese central bank telling us, China also facing economic slowdown? How do you see about this?