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China lowers GDP growth target to 6.0-6.5% range in 2019

/ 08:44 AM March 05, 2019
China slump squeezes workers, hammers consumer spending

In this Jan. 12, 2019, photo, a man walks by a vacant retail space window panels at the Central Business District in Beijing. AP FILE

BEIJING, China — China lowered its economic growth target on Tuesday as the country struggles with a crackdown on debt, a slowing global economy and a trade war with the United States.

The 6.0 to 6.5 percent estimate for 2019 was released in a report for the opening session of the annual National People’s Congress, China’s rubber-stamp parliament.

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The government had set a target of around 6.5 percent in 2018 and eventually recorded official growth of 6.6 percent, which was already the slowest pace in nearly three decades.

Independent analysts, however, estimate that the economy’s performance was much worse than the official figure.

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This year, three-quarters of provinces have already lowered their annual growth targets.

To combat the slowing growth, policy makers have said they will lower taxes, reduce fees, and streamline red tape.

China will cut taxes and the social insurance companies must pay for their employees by nearly 2 trillion yuan ($298 billion), according to the official Xinhua news agency. /cbb

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TAGS: Business, China, Debt, economy, GDP, trade war, US
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