China growth targets a fantasy: Chinese billionaire

Chinese billionaire Wang Jianlin, one of the country's best-known businessmen, has said China needs to drop unrealistic official economic growth targets.

The Chinese government is targeting growth of around 7 percent this year.

But Wang said his country needed "to drop the fantasy of keeping a high growth rate of 7 percent or 8 percent".

His comments come amid fears of a slowdown in the Chinese economy that has sent global stockmarkets tumbling.

Despite a rally on Thursday, the main Shanghai index of leading shares is down more than 20 percent in the past two weeks.

This has triggered losses in US shares, where the Dow Jones index is down 7 percent, and in Europe, where leading indexes are down a similar amount.

Investors are concerned that China will not be able to maintain its strong economic growth, with reduced demand for global commodities and goods having a knock-on effect on the global economy.

But Wang said the focus for China should be "sustainable and safe" growth, rather than setting targets that are, in the longer-term, unrealistic. He said the country should accept a growth rate of "6 percent or even 5 percent".

"China's economy needs to transform from relying on investment and exports to [relying more on] consumption. That's a painful process," he said.

"If the transformation doesn't happen now, it would be even more painful in the future."