Economic target for 2014 adjusted down to 7.5%

Beijing's economic growth target for 2014 will slow to 7.5 percent from the 8 percent expansion goal in 2013, said Guo Jinlong, Party chief of the municipality, as reported by People's Daily on Wednesday. The target for 2014 is "not low" and is in line with an adjusted long-term plan, Guo said. It aimed at securing employment and stabilizing market expectations, Guo added. Analysts said that it may set a tone for other cities and provinces as the leadership is seeking a more sustainable and high-quality growth pattern while sacrificing high-speed development.