Chinese GDP falls to lowest level in 18 months

China's growth rate slowed to its lowest level in 18 months in the first quarter of 2014 amid fears the economy is experiencing a slowdown in momentum.

The world's second largest economy grew by 7.4% between January and March, though the figure did allay some concerns: most economists had expected a reading of 7.3%. The figure represents a drop from the 7.7% growth in the final quarter of last year; the last time growth was at 7.4% was in Q3 2012. The slowdown has prompted the government in Beijing to announce some modest measures to steady growth, but authorities have ruled out more serious stimulus at this stage. The government plans to introduce tax cuts for small firms and speed up some investments in rail projects in an attem...