Beijing - China's economy grew 7.4 percent year on year in the first half of 2014, the National Bureau of Statistics (NBS) announced on Wednesday.

Growth in the second quarter stood at 7.5 percent, picking up from the 7.4 percent expansion in the first quarter.

"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.