Chinese Premier Li Keqiang goes on the record with 6.5 per cent economic growth target
China lowers its GDP goal but still aims for 'moderately prosperous society' by 2020
Premier Li Keqiang unveiled a 6.5 per cent annualised economic growth target for the next five years on Sunday, as he tried to ease global investors' fears about a slowdown in China's economy.
Addressing South Korean business leaders in Seoul, Li said China would aim for lower growth in gross domestic product but would still meet its target of creating a "moderately prosperous" society by 2020.
"In terms of GDP, we need to maintain year-on-year growth of at least 6.5 per cent to meet the goal," he said, adding that concerns about China's slowing growth were excessive.
"China's slowdown is at a gradual pace," Li said. "The growth slowed from 8 per cent, to 7.7 per cent, 7.4 per cent or about 7 per cent. But the economic output was still increasing at an orderly pace."
It was the first time a top Chinese leader had admitted publicly the country would lower its GDP target after a lacklustre economic performance this year.
In a statement released last week after a key meeting in Beijing, the Communist Party said China would aim for medium to high growth, without giving a specific target.