The Chinese government is signaling unprecedented tolerance for slower growth in the second half of 2013, as officials strive to swap fast, low-quality growth for more sustainable expansion, a senior economist has said.

An adjusted growth target of 7 percent may emerge in 2014, setting the country on a temporary turbulent journey toward a more-balanced economy, according to Michael McDonough, senior economist at Bloomberg LP.

But for the next six months, the government may still accelerate investment projects and cut interest rates, among other efforts to defend a 7.5 percent GDP growth target, he noted.