Economic Buzz: Chinese Growth Rate To Slip Under 7% This Year Says Official

China's economic growth rate will likely average 7% this year, Chinese Finance Minister Lou Jiwei said yesterday, according to media reports. This is much below the government's 7.5% target and would mark a slowing from 7.7% growth reported for the first quarter of this year. However, Lou also said the economy would not suffer a hard landing and that the slower growth was necessary for the reforms that the government is undertaking to further open up the economy and move away from dependence on exports. Despite the slowdown of China's economic growth rate, the structural reform is paying off. Source by Commodity Insights