China slashes its GDP target to 6-6.5% amid slowdown, trade war

Chinese  Premier Li Keqiang has expressed concern that the country will face a graver and more complicated environment to development, amid an ongoing trade war with the US and continued economic slowdown. 

The world's second largest economy today slashed its GDP target to 6 to 6.5 per cent this year.

       

In a work report, Li said, a full analysis of developments in and outside China shows that in pursuing development this year, the country will face a graver and more complicated environment as well as risks and challenges, foreseeable and otherwise, that are greater in number and



size.

The lowered growth rate from the 2018 target of 6.5 per cent was proposed by Premier Li in work report for this year at the annual session of China's Parliament, the National People's Congress (NPC).

Nearly 3,000 delegates from across China gathered in Beijing today for the start of the annual session of the NPC.

Besides the trade war with the US, China is also haunted by the spectre of a continued economic slowdown. Last year, the economy, which is largely dependent on exports, slowed down to 6.6 per cent, the lowest in about three decades.