China lowers economic growth target for 2015
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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