Should China Abandon 7% Growth Target?

One of China's best-known businessmen, Wang Jianli, has said his country needs to drop unrealistic official economic growth targets.

The Chinese government thinks it can grow by around 7% this year.

But Mr Wang says that's a fantasy.

The main Shanghai index of leading shares is down more than 20% in the past two weeks.

Investors concerned about a falling currency, and that China won't be able to maintain its growth rates that, for so many years, were world-beating.

The BBC's Dom Laurie spoke to Irwin Stelzer from the Hudson Institute in Washington DC. Does he agree that the 7 per cent Chinese growth rate is a fantasy that needs to be dropped?

Photo Credit: AP Photo/Mark Schiefelbein