China kept its 2018 economic growth target at around 6.5 percent, Premier Li Keqiang said in remarks prepared for delivery at the parliament's opening session, the same as in 2017 despite the pick up in growth. Sources previously told Reuters that China will maintain its growth target at "around 6.5 percent". While maintaining a proactive fiscal policy, Li said China cut its budget deficit target to 2.6 percent of gross domestic product from 3 percent in 2017. The budget deficit target cut was the first in years, suggesting Beijing will be more watchful of fiscal spending as China advances its fight against financial risks. Li also said he expects reasonable growth in broad M2 money supply and total social financing this year, without stating a target.

Source: dna March 05, 2018 02:17 UTC