China’s economy grew at its slowest pace in nearly a quarter of a century last year, even as it overtook the US to become the world’s largest in purchasing power terms.
The annual expansion of 7.4 per cent in 2014 is the slowest since 1990, when the country faced international sanctions in the wake of the 1989 Tiananmen Square massacre.
China’s economy grew 7.7 per cent each year in 2012 and 2013 and until 2010 it had managed to maintain an average growth rate of more than 10 per cent for over 30 years.
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