China has set an economic growth target of 4.5% to 5% for this year, a slight decrease in the face of a prolonged property slump and other headwinds and uncertainty abroad.
The target was announced Thursday in an annual report being presented by Premier Li Qiang at the opening session of this year's meeting of the National People's Congress. The report set the goal and added “while striving for better in practice.”
The target was lowered from about 5% in each of the last three years. The economy grew 5% last year. Setting a range of 4.5% to 5% gives the government more leeway to adjust policies this year.
