China’s leaders are attending on Saturday the country’s key annual policy meeting in Beijing, where expectations for the next 12 months will be set.
For the first time since 1995, it has set a range for its economic growth target as rising debt, crashing stocks and capital outflows stares it in its face. A 6.5 percent to 7 percent growth range was mentioned Saturday in Premier Li Keqiang’s report at the ongoing annual meeting attended by 3,000 of China’s most powerful men and women in the Great Hall of People.
The Keqiang report said China’s proactive fiscal policy will be more forceful and the yuan exchange rate will be “basically stable” as flexibility is increased, Bloomberg quoted in a report.
China has raised its projected budget deficit for 2016 to 3 percent of gross domestic product as leaders look to fiscal policy to boost flagging growth and maintain social harmony.