GDP targets are used in part to legitimize the central government. "Passing up the opportunity to lower or abandon the growth target shows the government's concern with maintaining public support for its agenda," writes Andrew Batson, China Research Director at Gavekal Dragonomics. The target signals a return to the country's pro-growth policies after it tightened runaway credit last year. "This is disappointing to those like ourselves who would like to see China move more quickly away from its obsession with growth targets," Batson says.

China's leaders seem to recognize that while publishing GDP targets is problematic, it's something they are helpless to fix. A day after Li Keqiang released the latest figure at China's largest annual government meeting, Finance Minister Lou Jiwei told a press briefing that it would be okay if China slightly missed the mark. He said 7.2% could be acceptable, stressing the importance of job creation, inflation control, and economic gains over hitting the target.

The instant backing away from this year's GDP target seemed almost premeditated, like the government wanted to release an impressive figure before explaining why it wasn't really that big of a deal if they met it.

Economists aren't optimistic that China will stop publishing targets anytime soon. But China's backpedaling might be good enough news for now.