The economy expanded at its slowest pace since the second quarter of 2010. It is also the lowest growth rate since China officially started to release quarter-on-quarter figures in the last three months of 2010.
Official data showed that investment in fixed assets decelerated in March, but both industrial production and retail sales increased at a faster pace than in the previous month.
The value added of industrial enterprises accelerated for the third straight month and grew 0.81 percent over the previous month and retail sales increased at its fastest pace in twelve months by 1.23 percent over February. In contrast, investment in fixed asset, the most important driver of the Chinese economy, slowed for the fourth consecutive month in March to show a 1.24 percent increase month-over-month.
Year-on-year, the economy expanded 7.4 percent. The government has already taken some steps to stabilize the economy, targeting a 7.5 percent growth rate for 2014.