New | 5 big numbers set to define China in 2016

China has set its annual growth target to at least 6.5 per cent. This came after gross domestic product grew 6.9 per cent last year – a 25-year low for the world’s second-largest economy. Premier Li Keqiang urged the Chinese people to “fight a hard battle” amid increasing downward pressure on the economy at home as well as risks and uncertainties abroad.

Beijing floated its fiscal deficit to 3 per cent of GDP, or 2.18 trillion yuan (HK$2.6 trillion), for 2016 to ensure a “reasonable range” of growth in an economically challenging year. The deficit will mainly facilitate tax and fee cuts for firms. Last year’s actual fiscal deficit was 2.4 per cent of GDP.