By Jonathan Davies

China is targeting growth of 7% in its economy in 2015, Premier Li Keqiang has announced.

Last year, the Chinese government set the target of 7.5% but missed it in its worst performing year for the economy in 24 years.

China, the world's second-largest economy, has also been one of the fastest growing economies in the world over a sustained period.

The relatively poor performance last year led some to question whether or not China's rapid growth was sustainable. As a result the government is moving to a slower, more sustainable approach to economic growth.

The economy grew by 7.4% last year, down from 7.7% in 2013. Property, factory activity and business and government investment all slowed in 2014.

If China reaches, and stays at, its target of 7%, 2015 will be its slowest economic growth for quarter of a century.

Like the UK, China is battling low inflation. Last year its annual inflation rate was 0.8%, compared with a target of 3.5%. The government has reacted by installing a lower, more realistic target of 3%.