Government sets the tone for stable growth as challenges rise

China's GDP growth may have slowed to about 8.4 percent year-on-year in the first quarter, still boding well for the economy in 2012, said Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, on Tuesday.

Citing preliminary data from research agencies, he said the country's consumer price index, a main gauge of inflation, is likely to rise 3.5 percent year-on-year in the first quarter.