In 2014 the Chinese economy grew at its slowest rate in over twenty years.
China posted GDP of 7.4% in 2014 versus the same period the year before, according to the National Bureau of Statistics. This is below the government’s goal of 7.5% and represents the slowest year of growth since 1990.
Over the past three decades Chinese economic expansion has averaged about 10% a year, helping it become of the world’s largest economies.
However, over the past few years the pace of growth has slowed down. In 2012 and 2013 China recorded GDP growth of 7.7%, in 2011 it posted GDP growth of 9.3%, while in 2010 it posted growth of 10.5%.
The lackluster results highlight the downward pressure on growth that the country needs to tackle.
On Monday Premier Li Keqiang said that in 2015 China needs to balance efforts to stabilize economic growth and boost structural reforms.
At a plenary meeting of the State Council, Li said that downward pressure would remain in the Chinese economy in 2015.
“As the global economy is undergoing a deep restructuring and slow recovery, China’s government will likely face heavy tasks in tackling the difficulties,” Li said.
The country is struggling with a number of problems, such as a weakening property market and increasing government and corporate debt.
The Chinese government is expected to set its official 2015 target at a March meeting.
Xinhua published an article revealing that the Chinese premier “stressed the Q1 performance is crucial to the whole year’s results, and the government shall work on making a good start this year. Research, detailed plans and timely monitoring are necessary to tackle the problems of economic expansion.”
