China lowers GDP growth target to 6.5% for 2017

07 Mar '17

2 min read

Anticipating further slowdown of its economic growth, China has lowered its GDP growth target for 2017 to 6.5 per cent. China's GDP growth has come down from 6.9 per cent in 2015 to 6.7 per cent last year, the lowest in more than 25 years. For 2017, fiscal deficit volume has been set at 2.38 trillion yuan ($345 billion), up 200 billion yuan year-on-year.

Announcing the 6.5 per cent GDP growth target, premier Li Keqiang said, China will "pursue better results in actual economic work". It is important for China to maintain steady growth to ensure employment and improve people's lives, Keqiang said in a report to opening ceremony of the annual session of the top legislature, the National People's Congress.

The projected 6.5 per cent GDP growth target is in line with both economic principles and realities, the report said.

The growth target will help stabilise market expectations and facilitate the country's structural adjustments. It will also contribute to achieving the goal of finishing the building of a moderately prosperous society in all respects, the report added.

"An important reason for stressing the need to maintain steady growth is to ensure employment and improve people's lives," the report said. The 2017 target for urban job creation has been increased by one million to over 11 million, which underlines the importance the Chinese government attaches to employment. (RKS)

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