China may cut growth target

China may cut its economic growth target to about 7 percent or even lower for 2015, US-based financial news agency Market News International reported on Wednesday, citing sources it didn't identify.

At the Central Economic Work Conference, the annual tone-setting economic meeting, which convenes in December, the central government will be likely to maintain the annual rate of inflation unchanged at 3.5 percent for the next year, while lowering the growth target to 7 percent or lower.

The growth target for this year was set at around 7.5 percent in March.

A slowing economy which waned to 7.3 percent in the third quarter of the year, the lowest level in nearly six years, however, raise doubts about whether this year's growth target would be met.

In the first three quarters, the Chinese economy grew by 7.4 percent from a year earlier, according to official data.

The M2 broad money supply may be targeting an annualized growth rate of 12 percent in 2015 from 13 percent set for this year, according to the report.