China’s economy expanded by 7.4 percent in 2014 from the previous year, following 7.3-percent growth in the fourth quarter, the country’s National Bureau of Statistics announced on Tuesday.

The growth recorded in 2014 was the lowest in 24 years. China missed the official annual growth target for the first time since 1998. In 2014 it was set at 7.5 percent.

“We overcame many difficulties and challenges in 2014, withstanding the downward pressure in the economy,” Ma Jiantang, director of the statistics bureau, said in a statement published on the bureau’s website. He stressed last year’s growth was “in a reasonable range” of the official target.

Everyone “should adapt to the new normal” of the Chinese economy, Mr Ma said, adding that the government would continue to push forward with economic reforms this year.

Mr Ma declined to comment on the official target for economic growth in 2015, which will be unveiled during the March meeting of the Chinese National People’s Congress.

The World Bank estimated that China’s gross domestic product would grow 7.1 percent this year. The Chinese Academy of Social Science – an official think tank – said last month that the nation’s economy growth might decelerate to 7 percent in 2015.