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China trims GDP target, citing severe challenges

China trims GDP target, citing severe challengesThe economy is already growing at its slowest rate in more than a quarter of a century and the latest target unveiled at the opening of China’s rubber-stamp parliament is lower than a 6.5-7.0 percent range he set last year. “In the past year, China’s development has faced grave challenges posed by a great many problems and interwoven risks and dangers both at home and abroad,” Li said in his annual state-of-the-nation speech to the National People’s Congress (NPC). China aims for “GDP growth of around 6.5 percent, or higher if possible,” he said, despite even “more complicated and graver situations” this year.

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