Chinese leaders are set to lower the 2016 growth target for the country to 6.5%-7% when they meet for the National People’s Congress in early March, Reuters reported over the weekend. Citing sources close to the matter, Reuters said the proposed growth target had already been endorsed by top policymakers at a closed-door Central Economic Work Conference in mid-December, although the leaders had struggled to reach a consensus given global economic jitters. China last year set a minimum annual growth target of 6.5% in the five years to 2020 to meet an existing goal of doubling gross domestic product between 2010 and 2020. However, because of the uncertain economic backdrop, this is the first time policymakers have set a target range for 2016, according to Reuters. China’s GDP expanded by 6.9% in 2015, the slowest pace of growth in 25 years.
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