The world's second largest economy has set its 2015 gross domestic product growth expectations at its lowest in a quarter of a century: 7 percent.
Chinese Premier Li Keqiang unveiled that number at the March 5 opening of the National People's Congress.
The GDP target for 2014 was 7.5 percent, and the year ended with a close 7.4 percent.
But the export sector showed a sharper slowdown in 2014, only managing to grow 4.9 percent and missing the 7.5 percent target. It marked the third year of a missed target.
The 2015 target for export is set at 6 percent.
The China Plastics Processing Industry Association reported 7.4 percent of output growth (based on weight) in 2014, about a half percentage point lower than the previous year.
The quasi-governmental group therefore announced the industry has entered a "new normal" like the rest of the economy.
CPPIA Chairman Qian Guijing warned in a recent internal meeting that the first quarter may witness further deceleration. He highlighted severe overcapacity as a primary challenge and called for development of new, high-end products as well as raising quality and production efficiency.
The Beijing-based group expects 2015 industry growth to "continue to be at low levels."
