China's GDP grows

China's economy grew 7.4 percent year-on-year in the first half of 2014, authorities said Wednesday.

According to the National Bureau of Statistics (NBS), growth in the second quarter stood at 7.5 percent, picking up from the 7.4 percent expansion in the first quarter, reported Xinhua.

"The Chinese economy showed good momentum of stable and moderate growth in the first half," said NBS spokesman Sheng Laiyun at a press conference.

"However, we should keep in mind that the domestic and international economic environment is still complicated and the national economy still faces many challenges," he said.

China will continue to deepen reform, promote innovation, adjust economic structure and transform development patterns to consolidate the momentum, Sheng said.