Key think tank scales back outlook for 2014

These signs have also increased the possibility that China could tolerate a lower growth rate of 7.4 percent or 7.3 percent for this year, and next year's target could be set lower, analysts said.

Weak data for July and August have already prompted various financial institutions to lower their forecasts for the third quarter. The consensus among chief economists at 20 institutions stands at 7.2 percent, according to a poll by China Business News.

That would be the lowest quarterly growth since the first quarter of 2009.

Third-quarter GDP data will be released on Tuesday.

On Monday, the World Bank lowered its growth forecast for China to 7.4 percent this year and to 7.2 percent in 2015.

The International Monetary Fund retained its 2014 economic growth outlook for China at 7.4 percent, but it said that it expects GDP growth to fall to 7 percent next year because of slow implementation of reforms and policies to limit local government debt and investment credits.

Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics in Washington, said he thought the IMF report was too optimistic.

"I would tend to go for the downside. Exports are not doing particularly well," he told China Daily.

Less but better growth for China: IMF chief economist	China to become biggest economy by year-end