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China’s economy expanded 7.4 per cent in 2014, just short of an official growth target of 7.5 per cent, making it the first time the Chinese government has missed its aim since 1998.
The pace of growth was also the slowest since 1990, when China was hit by international sanctions following the bloody Tiananmen Square crackdown.
The gross domestic product (GDP) reading of 7.4 per cent for the year compared with 7.7 per cent in 2013.
GDP for the fourth quarter of 2014 came in at 7.3 per cent, unchanged from 7.3 per cent previously and just above analysts expectations of 7.2 per cent growth.
Economic growth is expected to slow further in 2015 as Chinese leaders emphasise a "new normal" of slower expansion and continue to unveil key reforms.
The slow down in growth is a far cry from its peak in 2007 when the economy was enjoying annual growth of over 14 per cent.
Some analysts expect Beijing to revise its growth target for 2015 to around 7 per cent with others expected more stimulus measures as real estate contracts.
China’s stock markets were down almost 8 per cent yesterday -- the biggest fall since 2008 in response to moves by securities regulators to reign in brokers.
At a plenary meeting of the State Council on Monday, Premier Li Keqiang said there was downward pressure on the Chinese economy in 2015.
"As the global economy is undergoing a deep restructuring and slow recovery, China's government will likely face heavy tasks in tackling the difficulties," Li said.
China is facing slowing domestic demand, over capacity in various sectors, heavy corporate and local government debt as well as a real estate downturn.
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- [Editor:sunzhichao]
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