Premier Li Keqiang has lowered China's 2015 growth target to "around 7 per cent", after GDP in the world's second largest economy decelerated to 7.4 per cent last year — its lowest level since 1990.
The previous target rate was 7.5 per cent.
Premier Li lowered the target at the opening of the National People's Congress, an annual gathering of policymakers. He said:“The target growth rate of approximately 7 per cent takes into consideration what is needed and what is possible ... If China's economy can grow at this rate for a relatively long time, we will secure a more solid material foundation for modernisation.”
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