China's 2014 economic growth edged down to a 24-year low of 7.4 percent from 7.7 percent in 2013, the first time that it missed the government's annual target in 16 years, according to data from the National Bureau of Statistics released on Tuesday.Fixed asset investment, which used to be the strongest driving force of the economy, may slip to 15.7 percent year-on-year in 2014, a decline from the 20 percent growth in 2012 and 2013. Industrial production growth is likely to decelerate to 8.3 percent in 2014 from 9.7 percent in 2013, and retail sales may expand by 12 percent in 2014 compared with 13.1 in 2013.
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. Retail sales went up 12 percent to 26.24 trillion yuan, the NBS data showed.
The reading was slightly below the government target of around 7.5 percent for the year, as 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.
