China lowers GDP goal to about 7%

China has lowered its goal for economic growth in 2015 to about 7% after missing its previous goal of 7.5% last year when the growth of the country’s gross domestic product came in at 7.4%, The Wall Street Journal reported, citing a speech by Premier Li Keqiang at the opening of the National People’s Congress, China’s annual legislative session. However, recent moves to spur bank lending and rekindle economic momentum may undermine efforts to shift to a more consumer-driven model of growth. A spokesperson for the mostly rubber-stamp congress also said China would raise military spending by about 10.1% this year,