(MENAFN- Kuwait News Agency (KUNA)) China's economy grew at its slowest pace in 24 years in 2014, official data showed Tuesday.
The Gross domestic product (GDP) of the world's No. 2 economy expanded 7.4 percent year-on-year, compared with the 7.7 percent growth in 2013, the National Bureau of Statistics said on its Website.
It was also below the government-set 2014 growth target of 7.5 percent, missing the government's annual target for the first time since 1998, when the country was hit by the Asian economic crisis.
In the final quarter of 2014, China's GDP expanded 7.3 percent, unchanged from the July-September quarter.
The reading was slightly below the government target, as the authorities are at pains to transform the economy onto a more sustainable track while tackling a housing slowdown, softening domestic demand and weak global recovery, the state-run Xinhua News Agency said.
"The economy is maintaining steady operation under the new normal, with positive trends of stable growth, optimized structure, enhanced quality and improved social welfare," noted Ma Jiantang, bureau head told a press conference in Beijing, according to Xinhua.
In 2014, China's industrial output grew 8.3 percent, down from the 9.7-percent growth seen in 2013, while growth of China's fixed-asset investment slowed to 15.7 percent.
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