China may lower its annual economic growth target to 7% in 2014, Bloomberg reported, citing Fan Jianping, chief economist at a state research institute. The drop – from 7.5% set for this year – would be in line with the goal set in the country’s 2011-2015 five-year plan for annual average expansion of 7% said Fan. However, the actual rate of growth would likely be higher than the target. The country’s annual growth rate will stay in a range of 7-8%% over the next few years and the government should use this window to speed up economic restructuring, Fan said.
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