China's Vice Premier Seeks "Reasonable Growth"

China's Vice Premier says "high speed growth" is a thing of the past and instead says China Will Keep Economic Growth in Reasonable Range

China's economy faces increased downward pressure this year, Vice Premier Zhang Gaoli said on Sunday, while reiterating that economic growth must be kept within a reasonable range.

China's economic growth slowed to just 7.4 percent last year, the slowest in 24 years. Beijing has set a target for growth of around 7 percent for 2015.

"The downward pressure on China's economy increased somewhat since the start of this year," Zhang told a high-level conference in Beijing.

"It's impossible and unnecessary for us to maintain the high-speed growth seen in the past," he added.

"We have paid a price and it's unsustainable. We should focus on improving quality and efficiency, change models and adjust structures."