China's growth slows to 7 pct in Q1

The Chinese economy reported better-than-expected data for the first quarter as gross domestic product expanded 7 percent year on year, official data revealed on Wednesday.

The latest figure beat off market forecasts by multiple institutions earlier that first-quarter growth will fall slightly below 7 percent due to weak investment and demand.

The first-quarter growth data has suggested continued downward pressure for the world's second largest economy, as its growth further slowed from 7.3 percent registered in the fourth quarter of 2014.

However, it has still met an annual growth target of around 7 percent set by the Chinese central government for 2015.