China's Economic Growth Slows to 7.4%, Weakest Expansion in 24 Years

China's economic growth slowed to 7.4% in 2014. That was the country's weakest expansion in more than two decades, and its forecast to slip further over the next two years. The numbers are still miles ahead of growth rates in major industrialized economies, but represent a sharp decline from China's impressive double digit expansion in previous years. In a report Tuesday, the International Monetary Fund trimmed its global growth forecasts for this year and next year, citing China's weakness as a key factor. The IMF said China's growth rate would fall to 6.3% in 2016. International agencies have trimmed their global growth forecasts partly in response to the slowdown in China, a significant driver of world economic growth.