China's new premier Li Keqiang 'to cut state control over economy' China's gross domestic product (GDP) last year expanded by 7.8pc, its slowest growth in a 13 years. There are worries that its economic momentum will falter as officials cool the Chinese property market and work to stop a credit bubble. Hitting a 7.5pc growth target would be difficult, Mr Li said. "We need to maintain steady economic growth, prevent inflation and control latent risks," he said. That will not be easy, but we have favorable conditions in place and enormous potential in domestic demand. Transcripts from state media seen by Bloomberg said Mr Li had discussed 7pc growth, which conflicted with his spoken comments. Ting Lu, chief China economist at Bank of America Merrill Lynch in Hong Kong, said the speech's pro-reform focus would be welcomed by investors. "He understood very well that key barriers for reforms are vested interests rather than ideology," he said. Mr Li has enjoyed a smooth ride to the top of the Party as part of the "Youth League faction," the group of leaders who joined the party as university students. He is viewed as a capable steward of the Chinese economy, with a master's degree in Law and a doctorate in economics from Peking university. Blotting his CV is his role in the cover-up of an AIDS scandal in the late 1990s, when tens of thousands of people were infected by the disease after botched blood donations.