China Just Set A 7.5% Growth Target - Here's Why That's Good News And Bad News

China is out with its growth target for the next year.

The government says that the GDP is targeted for growth of 7.5% and that CPI is targeted at 3.5%.

The GDP number is the same as last year and it was about as expected.

The good news is that Chinese GDP will keep humming along.

The bad news is that by setting a target for GDP that's so high, they're not leaving themselves any room to reform the economy, as CNBC's Deirdre Wang Morris explains.

Investment will still be the top economic driver, which is something that ultimately China would like to diversify away from.