2014第一季中国经济增长7.4%

 

But it is a slowdown from 7.7% growth in the final quarter of last year.

 

Other data released with the gross domestic product (GDP) figure showed industrial output rising 8.8% in March from one year ago.

 

Retail¹ sales for the month of March spiked² by 12.2%, underscoring China's efforts to boost economic growth via domestic consumption. 

 

Last year China set its growth target for 2014 at 7.5%, part of efforts to stabilise the economy after years of fast-paced expansion. 

 

China's growth data is closely watched around the region. A slowdown could hurt Asian economies especially those which export commodities and industrial components³ to the world's second largest economy.

 

A sluggish⁴ start for the year is not uncommon⁵, due to the Lunar New Year holiday when many businesses and factories shut down operations for about two weeks. 

 

But recent data from the manufacturing as well as industrial sectors⁶ have been weak, raising fears of a prolonged slowdown.

 

 

Amid these concerns, China has recently taken more steps to give a jolt⁷ to its economy. 

 

A mini-stimulus measure announced earlier this month will see Beijing extending a tax break for small and medium-sized companies, and ramping⁸ up spending on China's railway infrastructure⁹.

 

In addition, the mainland also took steps to open up its capital markets by announcing a tie-up with Hong Kong, allowing for cross-border stock investment. The pilot scheme is scheduled to take off in about six months. 

 

And in January, China launched a free-trade zone in Shanghai, seen as a test bed for reforms in key areas of the economy, such as the financial and telecom sectors which previously¹⁰ were tightly controlled by the government. 

 

China also said it will allow foreign firms to make gaming consoles within the free-trade zone and sell them across China - lifting a ban on gaming consoles which had been in place since 2000.

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