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China's GDP rises 7.4%, beats market expectations
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China's economy outperformed market expectations by expanding 7.4 percent from a year earlier in the first quarter, but slipped from the 7.7 percent pace in the previous quarter.
The central government’s 2014 GDP growth target is 7.5 percent.
Gross domestic product reached 12.82 trillion yuan (US$2.08 trillion) in the first three months, the National Bureau of Statistics said this morning.
The growth was led by a 7.8 percent increase in the service sector, while the manufacturing sector rose 7.3 percent and agriculture added 3.5 percent.
Sheng Laiyun, a spokesman at the bureau, said China's economic growth remained stable with more jobs being created and people having stable income rises.
"China's slowing growth serves well the purpose of economic restructuring...It is like driving uphill and good drivers know that you have to shift to a slower speed to manage a stable but powerful ride up the mountain," Sheng said.
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said while first-quarter growth slowed, the growth momentum has stabilized in March as some activity data improved.
According to the bureau, industrial production gained 8.8 percent year on year last month, up from 8.6 percent in the January-February period. Retail sales accelerated to 12.2 percent in March, compared with the last reading of 11.8 percent.
"In addition, port throughput data also suggest that China's trade may have bottomed out, and will become more resilient than what the current headline numbers show," Zhou said.
Zhou said he expects China's growth rate may pick up to 7.5 percent in the second quarter with the government's recent modest stimulus measures taking effect.
Earlier this month, China announced more small businesses would receive tax rebates, urbanization would be accelerated and railway investment would be increased as part of efforts to bolster growth.
Premier Li Keqiang said last week that China will not roll out aggressive stimulus measures to ward off short-term economic dips.
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