China GDP hits 7.4% in first quarter

China's economic growth slowed in the first quarter of this year.

HONG KONG (CNNMoney)

The world's second-largest economy grew 7.4% in the first quarter, compared to the same period last year, according to the National Bureau of Statistics. That figure was slightly stronger than the 7.3% expansion forecast by CNNMoney survey of economists.

The government has set an official GDP target of 7.5% for the full year, but some fear that growth could slow further and prompt Beijing to step in with robust stimulus measures.

Economists surveyed by CNNMoney expect full-year growth to slow to 7.3%. China recorded GDP growth of 7.7% in each of the past two years, versus 9.3% in 2011 and 10.5% in 2010.

China's GDP growth is being closely watched as the government works to reform the world's second largest economy after years of runaway expansion.

First Published: April 15, 2014: 10:25 PM ET

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