China's economy grew at its slowest pace in the first quarter of 2014, official data showed on Wednesday. Reports say, the signs of waning momentum already promptedgovernment action to steady the world's second-largest economy.Authorities have ruled out major stimulus to fight short-term dips in growth, and some analysts think the economy will continue to lose momentum into the middle of the year.The economy grew 7.4 percent in the January-March quarter, slightly stronger than the median forecast of 7.3.Beijing has announced some modest measures, such as tax cuts for small firms and speeding up some investment in rail projects, to try to steady the growth around its target of 7.5 percent without disrupting plans to restructure the economy.