Mar 5, 2018

China NPC: Economy growth target 'around 6.5%' in 2018

China has set its 2018 economic growth target at "Around 6.5%". The figure, announced at the opening session of the annual National People's Congress, is in line with the country's existing expansion goals. China is now the world's second largest economy, but a reliance on borrowing has led to pressing political concerns about debt risk. While many China watchers still believe the GDP numbers are much weaker than the official figures suggest, the country is a key driver of global growth. Beijing is now focussing on slower but more sustainable consumption-based growth. The report added that the unchanged growth target was "Fitting given the fact that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development" and would allow it to "Achieve relatively full employment".

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