The Wall Street Journal,"China's gross domestic product growth slipped in the first quarter to its slowest level in 18 months as the world's second-largest economy continued to downshift.
The 7.4% year-over-year growth was below the 7.7% level seen in the fourth quarter of 2013, and slightly below the target of "about 7.5%" set by China's leadership for all of 2014. But it came in slightly above economists' expectations".
The weakened growth signals more choppy waters ahead for the global economy. But the slightly faster-than-expected result could stem immediate pressure on Beijing to step up measures aimed at supporting growth. In early April, the government announced a series of "mini-stimulus" measures to offset recent slippage in trade and industrial production. These included the acceleration of planned spending on railroad infrastructure and a razing and rebuilding program for shantytowns.
The Shanghai and Hong Kong stock markets both rose following the news. The Australian dollar—which is sensitive to Chinese economic results because Australia is a heavy supplier of resources—strengthened against the U.S. dollar.
