China Growth Slows to 7.4 Percent | WPN World People News

China's economy grew 7.4 percent in the first quarter of this year, the slowest rate in 18 months for the world's second biggest economy.

The growth rate exceeded what economists were expecting, but was still down from the 7.7 percent growth rate in the last three months of 2013.

Beijing set a modest target of 7.5 percent growth for 2014, as it transitions toward a more sustainable economy based on domestic consumption.

Chinese leaders appear for the moment to be tolerating the current pace of weaker growth, and have ruled out any major stimulus.

Earlier this month, though, China unveiled a modest stimulus package, ramping up spending on a railway project and low-cost housing.

China's economy is attempting to rebound from a prolonged slowdown, which follows three decades of staggering growth.

Source: Voice of America