China 2014 growth at 24-year low

China's economy grew 7.4 percent in 2014, in line with market expectations and registering the weakest expansion in 24 years, the National Bureau of Statistics (NBS) said Tuesday.

The reading was slightly below the government target of around 7.5 percent for the year, as authorities are at pains to transform the economy onto a more sustainable track while tackling a housing slowdown, softening domestic demand and weak global recovery.

Last year, the country's gross domestic product reached 63.65 trillion yuan (10.4 trillion U.S. dollars). Growth in the fourth quarter came in at 7.3 percent, flat with the rate seen in the third.

"The economy is maintaining steady operation under the new normal, with positive trends of stable growth, optimized structure, enhanced quality and improved social welfare," noted Ma Jiantang, head of the NBS at a press conference.

In 2014, China's industrial output grew 8.3 percent, down from the 9.7-percent growth seen in 2013, while growth of China's fixed-asset investment slowed to 15.7 percent. Retail sales went up 12 percent to 26.24 trillion yuan, the NBS data showed.