China on Sunday trimmed its 2017 GDP growth target to “around 6.5%” as the world’s second-largest economy, already expanding at the slowest pace in a quarter-century, faces an array of challenges. The target, detailed in a report to be presented to China’s rubber-stamp parliament by Premier Li Keqiang beginning at 9 am (0100 GMT), was lower than last year’s range of 6.5 to seven percent. Li’s remarks said the target was still sufficient to meet the Communist Party’s target of doubling the size of the economy by 2020, compared to 2010. The target came in slightly below the expectations of analysts in a sign that authorities are prioritising risk control over short-term growth rates. China is trying to pivot from hyper-fast growth based on investmentand exports towards a steadier consumer-driven model.

Source: Dhaka Tribune March 05, 2017 16:50 UTC