National Statistics Bureau Reports China's GDP Grew by 7.4 Percent in 2014

The National Bureau of Statistics of China reported Tuesday that China's GDP in 2014 grew by 7.4 percent, with the total value of imports and exports in the year 2014 rose by 2.3 percent.

BEIJING, January 20 (Sputnik) – China's GDP in 2014 grew by 7.4 percent, with the highest growth figures registered in the second quarter of the year, the National Bureau of Statistics of China said Tuesday.

"The year-on-year growth of the first quarter was 7.4 percent, the second quarter 7.5 percent, the third quarter 7.3 percent, and the fourth quarter 7.3 percent," the bureau said in a press release.

The total value of imports and exports in the year 2014 rose by 2.3 percent, however, it slowed down, in comparison to previous results.

The national disposable income per capita stood at 20,167 yuan ($3,243), which reflects a nominal growth of 10.1 percent or a real rise by eight percent after deducting price factors.

According to the press release, the population of China was 1.368 billion people by the end of 2014, not including Hong Kong, Macao and Taiwan, which is 7.1 million more than in 2013.

The National Bureau of Statistics concluded by saying that China's economy has achieved a stable progress, and said it was necessary to concentrate on improving the quality and efficiency of the economic development.