China's economic growth for the full year of 2014 may not reach 7.5 percent and is even possible to fall below 7.3 percent given its continued downward pressure, said a Chinese economist.

 

The growth slowdown is inevitable as the country's economy is on a major shift from speed to quality, said Xiang Songzuo, chief economist at the Agricultural Bank of China, at an international mining meeting in the northern port city of Tianjin.

 

The country's gross domestic product (GDP) expanded 7.3 percent from a year ago in the third quarter, compared with 7.5 percent in the second quarter and 7.4 percent in the first quarter of this year, the National Bureau of Statistics said Tuesday.

 

For the first nine months, the GDP rose 7.4 percent year on year to reach 42 trillion yuan ($6.84 trillion).

 

China's economy faces the overcapacity and investment slowdown in its manufacturing and real estate sectors, increasing risks of non-performing loans and private financial defaults and the weak recovery of global economy, which are all "bad news", said Xiang.

 

But he warned against any large-scale stimulus policies.

 

Despite downward pressure, Xiang said China's economy still has great potential for growth and big opportunities.

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