China Growth Hits 24-Year Low

China’s economy grew 7.4 percent in 2014, the slowest growth number since 1990 and just shy of its official 7.5 percent target. The source of the slowdown is perceived to be China’s property market, which has shown significant weakness this year. In addition, there is the fear of a fiscal crisis as local governments are awash in debt and depend on land sales for their revenue.