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China Sets Economic Growth Target of At or Above 6.5 Percent in Five Year Plan

Mar 05 , 2016

China is aiming for average economic growth at or above 6.5 percent for the next five years, the government said on Saturday, as the world's No. 2 economy seeks to balance deep structural reforms, gyrating financial markets and softening global trade.

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 percent in 2016.

Weighed down by sluggish demand at home and abroad, industrial overcapacity and faltering investment, China's economic growth slowed to 6.9 percent in 2015, its weakest in a quarter of a century. Economists expect it to cool further to around 6.5 percent this year.

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