China's economy hits slowest growth since 2009

BEIJING — China's once rampaging economic growth slowed to 7% in the first quarter of 2015, its slowest rate of expansion since 2009, the nation's National Bureau of Statistics said in a statement Wednesday.

The figure, expected by many economists, came a day after Chinese Premier Li Keqiang pledged to take steps to boost the world's second largest economy.

Growth of 7% from January to March was the lowest since the first quarter of 2009, when China was reeling from the global financial crisis.

"Despite the slowing down of economic growth, employment, consumer price and market expectation remained stable," the NBS said.

Last month, Li announced a gross domestic product target of "approximately 7%" in 2015, which if achieved will mark its weakest expansion since 1990, and a further slowing of the economy after GDP growth of 7.4% in 2014 — just below the official target of 7.5%.

Chinese authorities have in recent months promoted a "new normal" of slower growth than in the past three decades of mostly double-digit expansion. And the official focus now emphasizes quality over quantity in the search for more sustainable development.

Beijing has promised to restructure the economy by boosting domestic consumption and reducing its reliance on both government investment and state-owned heavy industry. Earlier this week, Li admitted the transition will be tough.

"Economic data in the first quarter are not pretty," he said Tuesday, the China Daily newspaper reported. "Traditional economic driving forces such as consumption and investment are diminishing, while new forces are not compensating," Li said.