GDP targets too high for China this year?

Several Chinese provinces are finding it hard to reach the GDP expectations of the central government this year in conjunction with the country's austerity measures, which has funneled spending into other sectors, reports our Chinese-language sister newspaper China Times. Jiangsu, Shandong, Shanxi, Heilongjiang, Hunan and Guangdong provinces are all reportedly falling short of initial GDP projections. Academics have urged the adjustment to 7% economic growth for the coming year 2015, lower than their initial settings. Details on whether the rate will be relaxed will be decided in a meeting in October, ahead of the 13th round of China's five-year economic plans. Besides the previously cited provinces, the southern city of Shenzhen has modified its GDP growth to 10% from the previous 10.5% in 2013. Shenzhen's export and import volumes diminished by 28% from January to July this year, making it difficult to see 2014's GDP growth climb higher, according to wantchinatimes.com