Growth to reach lows

The Chinese economy is set to get close to the bottom of its medium-to high-growth over the next one or two years, Chinese news portal sina.com.cn reported on Sunday, citing the deputy head of a Beijing-based government think tank.

During the period, the economy may face a breakout of financial risks in areas such as local government fundraising platforms, the property market and industries with overcapacity, Liu Shijin, deputy director of the Development Research Center of the State Council, was quoted as saying in the report.

"Our enterprises used to maintain profitability at [an economic growth] of 10 percent. In the future [they need to adapt to] a norm of 7 percent," Liu said, urging a shift into competing on quality instead of quantity previously to explore new growth engines.

However, Liu noted the risks that transitioning poses to the slowing Chinese economy have always been under control -buttressed by favorable factors such as the rapidly expanding services industry that outweighs the factory sector as measured by the percentage contribution to China's total GDP and stably rising disposable income.