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China lowers economic growth target for 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/03/2015 (10:43)
According to media reports, China has lowered its economic growth target for 2015 to around 7%. Premier Li Keqiang, Premier of the State Council of China, stated at the opening of the country’s annual parliamentary meeting that downward pressure on China’s economy is gradually mounting and that the government plans to expand spending while seeking to implement more effective reforms in order to boost the world’s second biggest economy.

China has also cut its annual inflation target to around 3% from 3.5% from 2014, citing increasing deflationary pressures. In January, the country’s annual inflation decreased to 0.8%, posting the lowest level in five years. The country’s budget deficit will reportedly increase to 1.62 trillion yuan, or around 2.3 percent of GDP, from 2.1% in 2014.

Last year, the Chinese economy slowed to a 24 year low with a growth rate of 7.4%, slightly below the government’s economic target of 7.5%.
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