Economic targets lower in next 5-year plan

China is likely to lower growth forecasts in its next five-year plan as it shifts gears from rapid expansion to quality development, the South China Morning Post reported, citing a government official. "The nation’s next five-year plan may reflect policymakers’ preference for a slower pace of growth than in the past," said Zhang Junkuo, head of the development strategies department at the State Council’s Development Research Center. He said annual economic growth may slow to between 8% and 9% over the next five years. Policy makers in Beijing have said that the 12th Five-Year Plan will see a move towards greater dependency on domestic demand instead of investment, and greater focus on services rather than manufacturing.