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China Targets 6.5% Growth in 2018
China’s central government says it expects the country’s economy to expand by 6.5% this year, down from 6.9% in 2017.
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China’s central government says it expects the country’s economy to expand by 6.5% this year, down from 6.9% in 2017.
Growth in China’s gross domestic product, which peaked above 19% in 1970, slid from 10.6% in 2000 to 6.7% in 2016. Center planners consider a rate of about 6.5% as sustainable.
This year’s economic growth target was announced at the opening session of the annual National People’s Congress. Communist Party leaders used the occasion to vow a crackdown on excessive borrowing, financial fraud and illegal fundraising that have jeopardized the health of some large companies.
Other announced goals include achieving an inflation rate of 3%, reducing steel and coal production capacity by 30 million metric tons and 150 million metric tons, respectively.
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