China sets 2018 GDP target at ‘around 6.5pc’

AFP, BEIJING: China set its 2018 economic growth target at “around 6.5 per cent” on Monday, in line with expectations but lower than the 6.9 per cent increase registered last year.

The target, which is the same as last year, was presented by Premier Li Keqiang in a report for Monday’s opening session of the annual National People’s Congress, the rubber-stamp parliament.

The figure, along with an inflation target of three per cent, is “fitting given the fact that China’s economy is transitioning from a phase of rapid growth to a stage of high-quality development” and will allow the country to “achieve relatively full employment”, the report said.

China beat forecasts in 2017 as the world’s second largest economy grew by 6.9 per cent, picking up steam for the first time since 2010 despite a battle against massive debt and polluting factories.

Beijing has largely relied on debt-fuelled investment and exports to drive its tremendous economic growth of the past four decades but it is now seeking to move to more sustainable consumption-based growth.

In its report, the country vowed to “cut overcapacity, reduce excess inventory, deleverage, lower costs and strengthen areas of weakness”.

 

China sets 2018 GDP target at around 6.5pc

AFP, BEIJING: China set its 2018 economic growth target at around 6.5 per cent on Monday, in line with expectations but lower than the 6.9 per cent increase registered last year. The target, which is the same as last year, was presented by Premier Li Keqiang in a report for Mondays opening session of the annual National Peoples Congress, the rubber-stamp parliament. The figure, along with an inflation target of three per cent, is fitting given the fact that Chinas economy is transitioning from a phase of rapid growth to a stage of high-quality development and will allow the country to achieve relatively full employment, the report said. China beat forecasts in 2017 as the worlds second largest economy grew by 6.9 per cent, picking up steam for the first time since 2010 despite a battle against massive debt and polluting factories. Beijing has largely relied on debt-fuelled investment and exports to drive its tremendous economic growth of the past four decades but it is now seeking to move to more sustainable consumption-based growth. In its report, the country vowed to cut overcapacity, reduce excess inventory, deleverage, lower costs and strengthen areas of weakness.