China sets 7.5pc growth target for 2014

China has set its economic growth target for the year at 7.5 per cent, as it looks to continue its efforts to stabilise the economy. The country also set its inflation goal at 3.5 per cent, aimed at keeping prices in check. After years of blistering growth rates, China has seen its rate of expansion slide after a slowdown domestically and in key markets. In 2013, the country grew at a pace of 7.7 per cent, about the same as in 2012. Recent manufacturing data has also indicated a slowdown in activity in the world's second largest economy. The latest targets were announced by Premier Li Keqiang in his first appearance at China's annual parliamentary session, the National People's Congress (NPC), according to a news agency.