China sets 2016 growth target at 6.5-7pc

Agence France-Presse . Beijing

China has set its growth target for this year at between 6.5 and 7 per cent, the country’s top economic planner said Wednesday, an acknowledgement that expansion will continue to weaken.
Global investors are closely watching the slowdown in the world’s second largest economy, which has created turbulence in world markets.
In 2016 ‘downward pressure on economic growth still exists and will expand to some extent’, Xu Shaoshi, chairman of the National Development and Reform Commission, told a press briefing.
‘Business operations remain in a tough situation and risks in some areas are accumulating,’ he said, adding ‘but we are capable and confident to deal with the issues and challenges.’
Xu said China would move to tackle chronic problems with overcapacity and underperforming ‘zombie’ companies.

Leave a Reply

Your email address will not be published. Required fields are marked *