China’s economic growth in 2014 edged down to a 24-year low of 7.4 percent from 7.7 percent in 2013, the first time that it missed the government’s annual target in 16 years, according to data from the National Bureau of Statistics released on Jan 20.

The Consumer Price Index, a main gauge of inflation, eased to 2 percent last year, compared with 2.6 percent in 2013.

Premier Li Keqiang set the economic growth target at 7.5 percent in March 2014. The target for CPI was at 3.5 percent.