China Lowers Growth Expectations for 2016

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Sabtu, 09 Juli 2016

China Lowers Growth Expectations for 2016

China has set a target range of economic growth from 6.5 percent to 7 percent this year, slower than the target of around 7 percent in 2015, the head of the country's top economic planner said.

While the downward pressure on the economy is "relatively high" in the first quarter, China has the ability to achieve this goal, the National Development and President of the Reform Commission Xu Shaoshi said Wednesday at the briefing in Beijing. The country also plans to take steps to curb excess industrial capacity and deal unprofitable "zombie companies," said Xu.

China has many policy tools for deployment, and recent decline in the central bank minimum down payments for first-time home buyers will help reduce the housing surplus stocks, Xu said.

last year

growth slowed to 6.9 percent, the slowest annual pace in a quarter century. President Xi Jinping said gains in gross domestic product in the next five years should average at least 6.5 percent per year to achieve the goal of doubling 2010 gross domestic product and per capita income by 2020.

Bloomberg

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