China is expected to further lower its economic growth target to 7 percent next year, the World Bank said on Wednesday, while urging the country to focus on reform efforts to ensure a more sustainable path.
“Growth in China continued to slow in 2014, reflecting policy steps to put economic growth on a more sustainable footing,” the World Bank said in its biannual report of the China Economic Update.
The World Bank forecast China’s GDP growth for 2014 at 7.4 percent, still within the range of the government’s preset growth target of about 7.5 percent.