China economy expands by 7.4pc in Q1

China's economy expanded by 7.4 per cent in the first quarter of the year, better than what many were expecting. But it is a slowdown from 7.7 per cent growth in the final quarter of last year. Other data released with the gross domestic product (GDP) figure showed industrial output rising 8.8 per cent in March from one year ago. Retail sales for the month of March spiked by 12.2 per cent, underscoring China's efforts to boost economic growth via domestic consumption. Last year China set its growth target for 2014 at 7.5 per cent, part of efforts to stabilise the economy after years of fast-paced expansion. China's growth data is closely watched around the region. A slowdown could hurt Asian economies especially those which export commodities and industrial components to the world's second largest economy, according to a news agency.