China cuts growth target for 2017

    China cuts growth target for 2017

    Mar 5, Beijing: China has cut its growth target for this year to around 6.5%, Premier Li Keqiang has announced today.

    The PM was addressing the country's rubber-stamp parliament, the National People's Congress (NPC), which has gathered in Beijing for its annual session.The Chinese economy expanded at its slowest pace in 26 years in 2016.

    Li said that he would tackle state "zombie enterprises" producing more coal and steel than the market needed.Similar pledges in the past have proved hard to fulfil.More than 3,000 legislators are meeting in the Great Hall of the People.The NPC and its advisory body hold ceremonial meetings every year known as "lianghui" or "two sessions".

    According to him China's difficulties ranged from the smog which blankets much of the country to the laziness of some government officials.
    And in a veiled reference to US President Donald Trump's complaints about China's exchange rate and trade policies, Mr Li warned of a far more complicated global picture in the year ahead with China facing the threat of growing protectionism.

    NPC leaders are tolerating slightly slower economic growth this year to give them more room to push through some painful reforms to deal with a rapid build-up in debt, Reuters news agency reports.

    The Oslo Times International News Network


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