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China targets 6.5-7 pct economic growth this year

All Headlines 09:59 March 05, 2016

BEIJING, March 5 (Yonhap) -- China set a range of 6.5 to 7 percent for its economic growth target this year as the world's second-largest economy is grappling with slower expansion, mounting debts and sluggish reforms.

It is the first time since 1995 that China has set a target range for its annual economic growth, which is down from last year's "around 7 percent" target.

China's economy grew 6.9 percent in 2015, marking the weakest expansion in 25 years.

The target was announced as China's rubber-stamp parliament opened its annual session.

Earlier this week, Moody's Investors Service downgraded the credit-rating outlook of China to "negative" from "stable," citing rising government debts, declining foreign-currency reserves and uncertainty about Beijing's reform drive.

kdh@yna.co.kr
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