“The country's period of miraculous break-neck growth is over,” said the state-run Xinhua News Agency on Tuesday.
The statement comes after the release of data which showed that China’s economy grew by 7.4 percent in 2014, its slowest pace since 1990.
Gross domestic product (GDP) increased by 7.3 percent in the fourth quarter, beating economists’ consensus forecast by 0.1 percent.
The International Monetary Fund (IMF) has responded to the data by lowering its growth forecast for China in 2015 to 6.8 percent from 7.1 percent previously.
World Economic Forum
Slowing growth in China is on the agenda at the 2015 World Economic Forum in Davos, Switzerland, where the Chinese Prime Minister Li Keqiang will give a keynote speech.
For more World Economic Forum news, analysis and video reports visit our special feature page.
Also watch the clip below entitled "What Davos 2015 will reveal about Asia".
This article first appeared on 702 : Chinese economic growth hits 24-year low