China's 7% economic growth slowest in six years

China's economy expanded at its slowest pace in six years in the first quarter, weighed down by a slumping property market, industrial overcapacity and sluggish overseas demand.

China's gross domestic product rose 7% on year, in line with Beijing's target for the full year of about 7%. Still, it was below the 7.4% for all of last year and 7.3% recorded in the December quarter of 2014.

"We are facing a complicated international situation and increased downward pressure on the domestic economy," the National Bureau of Statistics said on Wednesday.

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