China’s economic growth slipped to its weakest level in almost a quarter century in 2014, though growth in the final quarter came in higher than expected, amid nagging problems of overcapacity, a weak housing market and lower global demand.
China’s gross domestic product grew 7.4% last year, within range of the government’s target of about 7.5%, the National Bureau of Statistics said on Tuesday. The expansion for the final quarter of the year was 7.3%, matching the third quarter level and beating market expectations of 7.2%.
While the growth rate was well above that in all other major economies, it was down from the 7.7% growth of 2013 and the double-digit levels achieved as recently as 2010. It was China’s worst performance since the 3.8% growth recorded in 1990, the year after the crushing of pro-democracy unrest in Beijing’s Tiananmen Squared led to Western sanctions, swooning domestic and international confidence and an ideological lurch to the left.
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