(Editor: Leona)

 

In 2014, China, the second-largest economy in the world, despite the economic slowdown, made great progress in structure reform and stable growth.

 

With the economy performing within the reasonable range and the speed of growth no longer taken as the sole yardstick, the Chinese economy has entered a state of new normal. The gear of growth is shifting from high speed to medium-to-high speed, and development needs to move from low-to-medium level to medium-to-high level.

 

Here, let's look at key economic data of China in last year.

 

GDP grows 7.4 percent

 

China's 2014 economic growth edged down to a 24-year low of 7.4 percent from 7.7 percent in 2013, the first time that it missed the government's annual target in 16 years.

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CPI rises

 

China's consumer prices grew 2 percent in 2014 from one year earlier, well below the government's 3.5 percent target set for the year. It was also below the 2.6 percent growth registered in 2013.

 

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PPI falls

 

China's producer price index (PPI) posted its steepest fall in more than two years in December amid a slump in global oil prices and weak domestic demand.

 

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FDI up 1.7 percent

 

China saw growth of 1.7 percent gain recorded in foreign direct investment, which was $119.6 billion in 2014, while outbound investment totaled $102.89 billion, up 14.1 percent from a year earlier. This is the first time the two-way nominal capital flows have been near a balance.

 

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Foreign trade increases

 

China's foreign trade increased 3.4 percent year on year in 2014 denominated in US dollars, significantly lower than the 7.6 percent rise in 2013 and the 7.5 percent target.

 

Denominated in US dollars, exports rose 6.1 percent in 2014, while imports increased 0.4 percent.

 

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New yuan lending hits record high

 

China's new yuan-denominated lending in 2014 hit a record high of 9.78 trillion yuan ($1.58 trillion), up 890 billion yuan from one year earlier. Total social financing in 2014 also rose to a record high, standing at 16.46 trillion yuan, 859.8 billion yuan less than 2013.

 

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PMI

 

The manufacturing purchasing manager's index (PMI), a key measure of factory activity in China, posted 50.1 in December, down from 50.3 in November. A reading above 50 indicates expansion, while a reading below 50 represents contraction.

 

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Housing prices

 

China's home-price decline continued to ease in December, as fewer cities saw falling prices. Prices of new homes dropped from the previous month in 65 of the 70 cities that the bureau tracks. That compares with declines in 67 cities in November.

 

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Fixed assets investment up

 

China's real estate investment gained 10.5 percent year on year to 9.5 trillion yuan ($1.55 trillion) in 2014. The growth rate was down by 9.3 percentage points from 2013 after a losing streak throughout last year.

 

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Retail sales rise

 

China's retail sales rose 12 percent year on year in 2014 to 26.24 trillion yuan ($4.28 trillion). Retail sales, a key indicator of consumer spending, continued to accelerate in December, rising 11.9 percent from a year earlier.

 

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Industrial output grows

 

Industrial output in China grew 8.3 percent in 2014 from a year ago, down from the 9.7 percent growth seen in 2013.

 

China uses industrial production (officially called industrial value added) to measure the activity of designated large enterprises, each with annual turnover of at least 20 million yuan.