Chinese gross domestic product grew by 7.45% in 2014, the lowest rate in 24 years, according to China's National Bureau of Statistics (NBS). Meanwhile, The International Monetary Fund (IMF) and World Bank have cut their global GDP growth forecasts for the country on the threat of deflation in several regions, and the continued slowdown in China.

According to the IMF, China’s economy is expected to grow by just 6.3% in 2015, but it said the slowdown would likely be orderly and not a hard-landing. The World Bank cut its forecast for Chinese GDP growth in 2015 to 7.1% a week ago, Kallanish notes.

China’s 7.45% growth last year to Yuan 63.6 trillion ($10.4 tril) was not far off Beijing’s loose target of 7.5% and came as little surprise to markets globally. China continued its rebalancing toward services, where output was up 8.1% to Yuan 30.7 tril.