Chinese growth target cut to 6.5% down from 6.5 to 7%

Chinese growth target cut to 6.5% down from 6.5 to 7%

Chinese growth target for this year has been cut to around 6.5 per cent, down from 6.5 to 7 percent last year.
The announcement was made by Premier Li Keqiang while he was addressing the country’s parliament, the National People’s Congress (NPC), which has gathered in Beijing for its annual session.
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. The advisory body, the Chinese People’s Political Consultative Conference, began its meeting on Friday.
As per information received, legislators and advisers would, among other issues, discuss globalisation “at a time when certain Western powers are retreating into protectionism and isolation”. National defence and relations with Taiwan, Hong Kong and Macau would be discussed.
Prime Minister Li is also expected to provide more detail today about the country’s defence budget, which is planned to rise by 7 per cent. This year’s advosory body meeting comes ahead of a major Chinese Communist Party congress, due to be held later this year.
That congress will confirm party chief and president Xi Jinping’s second term in office, as well as announce changes in the party’s top leadership.

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