China Aims for 6.5% Economic Growth
CBJ — China is aiming for average economic growth of at least 6.5% for the next five years.
Unveiling a draft of its new five-year development plan at the annual meeting of parliament, Beijing said it would target economic growth between 6.5-7% this year.
Weighed down by sluggish demand at home and abroad, industrial overcapacity and faltering investment, China’s economic growth slowed to 6.9% in 2015, its weakest in a quarter of a century. Economists expect it to cool further to around 6.5% this year.
In the week leading up to parliament, the government flagged major job losses in the key production industries of coal and steel as policymakers seek to eliminate inefficiencies and overcapacity in state-owned enterprises through consolidation and layoffs.
China is the world’s second-largest economy behind only the United States.