Xi sets 6.5% growth tar­get for GDP

China Daily (Canada) - - SHANGHAI -

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.

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