China aims for around 6.5% economic growth in 2017


Premier Li Keqiang has since been trying a little carrot to go with the stick, promising to promote "upright" officials while sacking crooked ones, and give them a bit more rope to do the right thing.

BEIJING: China is aiming to expand its economy by around 6.5 percent in 2017, Premier Li Keqiang said in remarks prepared for delivery at the opening of the annual meeting of parliament on Sunday.

That compares with a 2016 economic growth target of 6.5 to 7 percent.

Top leaders at the National People's Congress are tolerating slightly slower economic growth this year to give them more room to push through some painful reforms to deal with a rapid build-up in debt.

A lending binge and increased government spending last year have fuelled worries about high debt levels and an overheating housing market.

China's gross domestic product grew 6.7 percent in 2016, the slowest in 26 years.

China also set a budget deficit target of 3 percent of gross domestic product for 2017, the country's finance ministry said in its work plan unveiled at the meeting, in line with the target set a year earlier.

It set a fiscal deficit target for the year of 2.38 trillion yuan ($345.16 billion).

Last year, Beijing set a 2016 budget deficit target of 3 percent of GDP. Sources told Reuters in January that policymakers had in December set a 3 percent deficit target for 2017. - Reuters


Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Ringgit to trade in tight range of 4.46-4.48 versus US dollar next week
Reaping the Max from streaming
The ringgit recovery
EQ expands to Thailand
RHB, CGC in LCTF portfolio guarantee deal
Market struggles to find direction
Singapore playing roulette with casino licensing
Bidding big on Malaysian art
Inflation rises slightly in October
Building a firm facade

Others Also Read