China’s economy is “cruising” at a rate that is more sustainable than its previously break-neck speed of growth, the head of the Organisation for Economic Co-operation and Development (OECD) said Friday.
The world’s second-biggest economy has set a 2015 growth target of 7 percent; a goal with which the OECD concurs and one that would mark China’s weakest expansion in 25 years.
In 2014, China set a growth target of 7.5 percent that it narrowly missed. “This [7 percent] is the stated goal; we think it is a more achievable goal,” OECD Secretary-General Angel Gurría told CNBC in a phone interview from Beijing. “It’s no longer break-neck speed, but when you are at break-neck speed sometimes you break your neck, so it’s preferable to have a cruising speed that is more sustainable and we think that is the case,” he added.
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