China expects its growth engine to continue to cool off after decades of breakneck expansion. The government said Sunday that it's targeting growth of "around 6.5% or higher if possible" in 2017. Public investment in infrastructure skyrocketed and bank lending soared despite repeated warnings about the country's high level of corporate debt. China is cutting 500,000The government said cutting companies' debt burdens is one of its main priorities for the coming year. The credibility of the official data took a further hit in January when the governor of one of China's major industrial provinces admitted officials there had been falsely boosting economic data for years.

Source: CNN March 05, 2017 01:53 UTC