China announced an annual economic growth target of about 6.5 per cent on Monday, signalling a slowdown from last year’s recorded expansion of 6.9 per cent as the Communist party moves to emphasise quality over quantity amid concerns over wasteful investment and environmental degradation.
Premier Li Keqiang revealed the target as he delivered a work report to the opening of an annual meeting of the rubber-stamp parliament in Beijing. The meeting is also expected to approve a constitutional amendment to eliminate the presidential term limit, allowing Xi Jinping to serve beyond the 10-year maximum that has bound predecessors since Jiang Zemin.
The meeting will set the policy agenda for China’s government this year following a Communist party gathering in October, where President Xi Jinping declared a “new era” in which quality-of-life issues would take precedence over meeting numerical targets. Last year’s growth target was also 6.5 per cent.