China tipped its gross domestic product (GDP) growth target at “around 7 percent” for 2015 – the lowest in 11 years – focusing on quality over quantity as it overhauls its growth model.
The target, which Premier Li Keqiang announced before the start of the annual National People’s Congress on Thursday, is in line with market expectations and marks a sharp decline from last year’s 7.5 percent target.
China’s economy grew at its slowest pace in 24 years in 2014, undershooting the government’s target for the first time since 1998. GDP expanded 7.4 percent last year from 7.7 percent in 2013.
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