China’s government may cut the country’s annual growth target to 7 percent next year, although the actual pace of expansion will be higher, according to Fan Jianping, chief economist at a state research institute.
The drop would be in line with the goal set in the country’s 2011-2015 five-year plan for annual average expansion of 7 percent, Fan, who works at the State Information Center under the National Development and Reform Commission, said in an interview in Shanghai on Sept. 7.
China’s economy is set to expand 7.5 percent this year, matching the government’s target set in March and the weakest pace in 23 years, amid curbs on credit expansion, property development and overcapacity. President Xi Jinping said last week the government chose to bring down the growth rate to solve “fundamental problems” hindering long-run development.
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