China's economy grew by 7.4% in the first quarter of 2014, with GDP hitting a new 20 quarter low.
The first-quarter growth exceeded the market estimate of 7.3%. However, it slowed compared to the 7.7% growth in the fourth quarter last year. The National Bureau of Statistics said in a briefing, the figure suggested the growth was generally stable, and marked a positive start for the year of 2014.
China's business climate index hit 128 points for the first quarter, up 3.7 points from the previous quarter. China's industrial value added expanded 8.7% year on year in the first quarter. Meanwhile, China's urban fixed asset investment rose 17.6% year on year to more than 1 trillion US dollars. And the retail sales grew 12 percent year on year to 1 trillion US dollars in the first quarter.