Xi sets 6.5% growth target for GDP
China will have to keep its economy growing at no lower than 6.5 percent year-on-year for the next five years, said President Xi Jinping.
China won’t give up its ambition of growing its economy at a medium-high level to achieve its goal of “moderate prosperity” by 2020, Xi was reported to have told a top-level decision-making meeting last week.
In the third quarter, China’s GDP growth rate slowed to 6.9 percent, down from 7 percent in the second quarter, for the lowest level since 2009 after the global financial crisis.
Economists predicted that this year the world’s second-largest economy may report a growth rate of less than 7 percent, while the economic restructuring reforms will deepen in a move toward an economy more oriented to the service sector.