Zhao Ping, a researcher with the Chinese Academy of International Trade and Economic Cooperation, said downward pressure mainly comes from slowing fixed assets investment, a lackluster manufacturing industry and de-stocking of the property market.

"Fixed assets investment and property investment are playing a lesser role in boosting growth, while the Internet-based new economy has yet to take over," Zhao said, adding the situation will continue throughout 2015.

Zhao said the government won't take stimulus measures to shore up fixed assets investment, but will increase support for the service industry, especially small and micro businesses.

"More policies in favor of small and micro businesses will be released to maintain a stable job market and to sustain growth," Zhao said.

Major Macroeconomic Indicators in Q1 (All growth rates y.o.y)

- The consumer price index (CPI) rose 1.2 percent. The producer price index (PPI), which measures inflation at the wholesale level, contracted 4.6 percent.

- Foreign trade decreased 6.3 percent to $904.2 billion. Exports increased 4.7 percent to $513.9 billion, while imports dropped 17.6 percent to $390.2 billion.

- Inward foreign direct investment (FDI) onto the Chinese mainland stood at $34.88 billion, an increase of 11.3 percent.

- Outward FDI in non-financial sectors from the Chinese mainland stood at $25.79 billion, surging 29.6 percent.

- Value-added output of industrial enterprises above a designated size—principal business revenue of more than 20 million yuan ($3.15 million) a year—grew 6.4 percent.

- Fixed assets investment totaled 7.75 trillion yuan ($1.25 trillion), up 14.5 percent with inflation deducted.

- Investment in the property sector reached 1.67 trillion yuan ($269 billion), up 9.5 percent with inflation deducted.

- Retail sales totaled 7.07 trillion yuan ($1.14 trillion), up 10.8 percent with inflation deducted. Online retail sales of commodities amounted to 631 billion yuan ($101.7 billion), up 41 percent and accounting for 8.9 percent of total retail sales.

- The per-capita disposable income of urban residents stood at 8,572 yuan ($1,381), up 7 percent with inflation deducted.

- The per-capita cash income of rural residents stood at 3,279 yuan ($528), up 8.9 percent with inflation deducted.

- New yuan-denominated loans amounted to 3.68 trillion yuan ($592.8 billion), 601.8 billion yuan ($96.95 billion) more than the same period last year.

- As of the end of March, M2, a broad measure of money supply that covers cash in circulation and all deposits, reached 127.53 trillion yuan ($20.5 trillion), was up 11.6 percent.

- Total social financing, a measure of funds raised by entities in the real economy and a broad measure of liquidity in the economy in general, reached 4.61 trillion yuan ($742.7 billion), 894.9 billion yuan ($144.2 billion) less than the same period last year.

(Sources: National Bureau of Statistics, Ministry of Commerce)

Copyeditaed by Kylee McIntyre

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