The City roundup video: Chinese economic growth hits 24-year low

Video: Jamie Dunkley provides a run-down of the day's major news from the City

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The Independent Online

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Chinese President Xi Jinping may have just been handed a 62 per cent pay rise, according to the country's state-run media, but he's unlikely to be celebrating anytime soon with the latest data coming from the world's second largest economy suggesting he faces tough times ahead.

China economy slowed to its weakest level in 24 years last year with annual growth figures missing official targets for the first time in 15 years.

Beijing's numbers showed the economy grew at a rate of 7.4 per cent in 2014 - fast by Western standards - but below its 7.5 per cent target.

The country has been hit by falling property prices, as well as debt-laden companies and local governments.

This has heaped pressure on Beijing to take aggressive steps to avoid a sharper slowdown.