China has lowered its annual economic growth target to “around” 6.5 per cent, as Beijing plans to focus on risk control in the final year of President Xi Jinping’s first term.
The figure, down from the government’s target growth range of 6.5 to 7 per cent for 2016, was revealed on Sunday morning by Premier Li Keqiang in his annual “work report” to China’s parliament, the National People’s Congress. Actual growth came in at 6.7 per cent last year.
“At present, overall systemic risks are under control,” Mr Li said. “But we must be fully alert to the build-up of risks, including risks related to non-performing assets, bond defaults, shadow banking and Internet finance.” He added that his government was also concerned about “high leverage in non-financial Chinese firms”.