As China's top leadership convened Tuesday for the annual Central Economic Work Conference in Beijing, state media reported the government might cut 2015's economic growth target to as low as 7%, down from the 2014 goal of "about 7.5%." Lowering next year's target is a "a high probability event," and the most likely case is "to set a 7% target and realize a growth slightly higher than the target," the state-run China News Service quoted Guan Qingyou, head of research at Minsheng Securities, as saying Tuesday. China's economy is at a "gear-down" stage, and 7% growth is enough to create 10,000 new jobs, ensuring sufficient employment for the economy, the report quoted Niu Li, head of macroeconomic research at the government's State Information Center policy think tank, as saying. Niu added that cutting the growth target can reduce the stress on local governments, allowing them to push ahead with reforms. China's official growth target numbers usually aren't publically announced until the national legislature convenes in the spring.
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