China will lower growth target for first time in three years

The Central Economic Work Conference will establish a 2015 growth target next month, which will likely drop by 0.5% to "around 7%" according to Chinese Communist Party sources.

The nation is currently suffering from economic weakness in housing sales, investment and industrial production. Beijing projected 8% growth from 2005 to 2011 but has since lowered its forecast to 7.5%. The economy grew at just 7.4% in the first nine month of 2014.

On Friday, the People's Bank of China moved to slash interest rates for the first time in 28 years, in an effort to halt further loss but the authorities have so fr resisted relying on too much economic stimulus.

The country was successful in its aim to create 10m new jobs in its cites due to its more buoyant logistics and service-sector industries. As a result, Beijing believes it can sustain high employment rates in spite of slow economic growth.