China lowers 2017 economic growth target to 6.5%

China lowers 2017 economic growth target to 6.5%

BEIJING, March 5 (PNA/Kyodo) — China said Sunday it has set its growth target for 2017 at around 6.5 percent, or higher if possible in practice, down from a range of 6.5 percent to 7 percent in the previous year, as it prioritizes reducing financial risks arising from loose credit.

Last year, China’s gross domestic product grew 6.7 percent from a year earlier, marking the weakest annual expansion in 26 years.

China announced its newest gross domestic product (GDP) and other economic targets in a government report mapping out policy directions for 2017, which will be delivered by Premier Li Keqiang in the morning at the opening of the annual session of parliament, or the National People’s Congress. (PNA/Kyodo)

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