China plans to cut 2015 growth target to 7%
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Last Update: 2021-03-11
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Source: Internet
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Author: User
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China plans to cut its 2015 economic growth target to about 7 percent, the lowest in 11 years, according to media reports on January 28. Some people familiar with the situation said the target had been backed by senior leaders at a closed-door meeting in December. And in 2015 the government must balance economic growth, employment and structural reforms. Foreign media contacted China's State Council Information Office, the other side did not comment on economic growth estimates. Officials say the slowdown reflects reforms aimed at making growth more sustainable, though officials are also wary of a sharp slowdown that could trigger job losses and debt defaults. It is reported that the last time China set its growth target at 7% was in 2004, when real growth reached 10.1%, compared with 7.5% in 2014. Data released last week showed China's economy grew 7.4 per cent in 2014, the slowest rate in 24 years. More than 40 analysts expect China's economic growth to slow to 7 per cent this year and 6.8 per cent in 2016.
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