China aims for 7.5% growth

<p>The Chinese economy has gone through a minor slowdown of late.</p>

China has revealed it is aiming for 7.5 per cent economic growth for the full year 2014.

The Asian nation has gone through a minor economic slowdown in recent months but is setting the ambitious target to show it can compete with major global rivals such as the US.

However, as China experienced 7.7 per cent economic growth in 2013, it may be some time yet before the country sees an improved level of expansion in the economy. An initial goal of 3.5 per cent has also been set for inflation.

Paul Tang, chief economist with the Bank of East Asia in Hong Kong, stated that the figures were "conservative" and in line with the expectations of analysts in advance of the announcement.

He said: "Slower economic growth is already expected for this year. Tightening of fixed-asset investment and lending are seen to remain as the major focuses."

Although China was able to ride the wave of the global financial crash more comfortably than many countries, growth in the Asian nation has been stagnant for the last two years.

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