BEIJING (TIP): China‘s economy has slowed down drastically to 7.4% in 2014, which is the lowest rate of GDP growth in the past 24 years. The economy grew 7.7%in 2013, according to the country’s auditors.

The slowdown in the world’s second biggest economy has raised serious questions about its impact on the world financial system. China is likely to withdraw money parked in various funds to boost its banks to prop up the local economy, observers said.

“The country’s period of miraculous break-neck growth is over, but let’s get over it,” the official Xinhua news service said, referring to the decades of double-digit expansion earlier. “The end of the high-speed growth era does not spell an end for China’s economy.”

The economy even missed the lowered target of 7.5%growth for 2014. The fourth-quarter saw growth of 7.3%from a year earlier, which is slightly better than expectations.