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6 March, 2018 00:00 00 AM
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China sets 2018 GDP target at ‘around 6.5pc’

AFP

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”.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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