SHANGHAI (Reuters) - The Chinese Academy of Social Sciences (CASS), one of Beijing's top government think tanks, has revised its 2014 GDP growth forecast down to 7.4 percent, below the official 7.5 percent target, and says that growth could slow to as low as 7 percent, state media reported on Wednesday.
The downward revision follows signs that China's economy slowed more than expected in the first quarter.
A report in the official China Securities Journal quoted the report published on Tuesday as saying that China's economic growth would continue to be driven by investment, but warned that excess production capacity and heavy local government debt burdens would slow fixed asset investment.
(Reporting by Pete Sweeney; Editing by John Ruwitch)
Trending On Reuters
Heavy rains and a landslide in the Himalayan region of Kashmir killed 17 people, police said on Tuesday, as authorities continued working to rescue stranded villagers, with unseasonal rains raising fears of flash floods in the mountainous north. Full Article