Bank of China forecasts 7.2% GDP growth for 2015

BEIJING -- Bank of China (BOC) predicted in a report on Tuesday that China's GDP will expand by around 7.2 percent in 2015, lower than the target set for this year.

It is one of few public predictions made by a major state firm indicating that the Chinese economy may continue to slow down, although foreign analysts are anticipating that China will lower its GDP goal as downward pressure lingers.

China aimed to expand its GDP by 7.5 percent in 2014, and the country achieved 7.4-percent growth in the first three quarters.

"Generally speaking, the economy remains in a reasonable range and there are signs of improvement," said Chen Weidong, a senior researcher with the BOC, one of the "big four" banks in China.

In 2015, the external environment will recover and the effect of reform measures will kick in, according to the researcher.

"Still, overcapacity pressure, adjustment in the property sector and other adverse factors will drag down economic growth," said Chen.

The tone-setting central economic work conference later this month is expected to release more signals about China's economic policy for 2015.