(MENAFN) China plans to cut next year's economic growth target to 7 percent, according to influential advisors recommending the country's leadership, which was meeting on Tuesday to map out economic and reform plans for 2015, Gulf News reported.
China to miss its growth target this year for the first time since 1999, and full-year growth is likely to be the weakest in 24 years. The government last cut its annual growth target in 2012, to 7.5 percent from the 8 percent it had kept for eight years.
Government-run think tanks, which are influential in the decision-making process but do not wield power themselves, plan to recommend that Beijing reduce its official 2015 GDP growth target to 7 percent from 7.5 percent in 2014.
"President Xi [Jinping] has already hinted at the growth target when he said growth of 7 per cent is the highest in the world," said a senior economist at the Chinese Academy of Social Sciences (CASS), who declined to be named.
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