BEIJING (AP) — China’s economic growth slowed to a 24-year low of 7.4 percent in the first quarter, raising the risk of job losses and a potential impact on its trading partners.
The figure reported Wednesday by the government was down from the previous quarter’s 7.7 percent. It came in below the full-year official growth target of 7.5 percent announced last month.
Beijing is trying to guide China to slower, more sustainable growth based on domestic consumption rather than trade and investment following a decade of explosive expansion.
The latest growth figures add to weaker-than-expected trade and other data that have raised the possibility of politically dangerous job losses.
Weaker growth also could hurt Asian economies and others for which China is a top market for commodities and industrial components.