The Chinese economy reported better-than-expected data for Q1 as gross domestic product expanded 7% year-on-year, government data showed, Asia First reported. However, economic growth in the first three months of the year was still the lowest quarterly growth since 2009, as China continues to face industrial slowdown and weak housing market. The official Xinhua news agency reported that the latest growth figure was higher than the forecast of slightly below 7% growth. The Q1 figure further suggested a continued downward pressure for China’s economy, which registered 7.3% annualized growth in Q4 of 2014. The Chinese government has already lowered its official growth target for this year to around 7%, the lowest in 25 years.
