April 30, 2014 / 4:03 AM / 3 years ago

China government think tank cuts GDP forecast - report

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A labourer works on steel bars in Yichang, Hubei province, April 29, 2014.China Daily

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

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