China Posts Economic Growth of 7.4% in Q1
April 17, 14Last year China set its growth target for 2014 at 7.5 percent, in a bid to stabilize the economy after years of fast growth.
Retail sales in March jumped 12.2 percent, while official data also showed industrial output up 8.8 percent in March from a year earlier.
China's growth data is widely watched in Asia and around the world since a slowdown could hit economies from Asia to Europe and the Americas.
Chinese leaders have said they are willing to put up with a slowdown in growth while they push through major economic reforms designed to create new, better-paying jobs.
The government wants to see more domestic consumption to create more sustainable growth over the long-term and to reduce the country's dependence on exports.
Lower economic growth at the beginning of the year was not unexpected, since the Lunar New Year holiday means many businesses and factories close down operations for around two weeks.
Among the steps taken by the government to boost the economy is opening up its capital markets by announcing a link with Hong Kong, allowing for cross-border stock investment. The pilot scheme is scheduled to take off in the Fall.
And in January, China launched a free-trade zone in Shanghai, seen as a test bed for reforms in key areas of the economy, such as the financial and telecom sectors which previously were tightly controlled by the government.