China’s leaders cut the target for growth in the nation’s gross domestic product to 7.5% from the 8% benchmark the government has maintained since 2005, Bloomberg reported. The new goal was laid out by Chinese premier Wen Jiabao in a speech Monday to the National People’s Congress, which convenes once per year in Beijing. Wen also said that the official 4% inflation target set in 2011 would continue into this year. The country must aim for a “higher-quality development over a longer period of time,” said Wen, adding that the government would maintain its “proactive” fiscal and “prudent” monetary policy. “The growth target indicates the lowest level that the government is comfortable with and is also a signal to local officials that they shouldn’t solely focus on the rate of expansion,” said Michael Buchanan, chief Asia-Pacific economist at Goldman Sachs.