The Chinese government has set the 2019 target GDP growth rate to 6.0%-6.5%, said the South China Morning Post. The lowered goal has been anticipated as Beijing has prioritized maintaining and stabilizing the growth of the economy.
The government is currently facing headwinds in terms of China’s economy, including high deficit levels and financing bottlenecks for private enterprises. The GDP goal set for 2019 takes these factors into consideration and is strategic to the 2010-2020 development plan to double China’s economy, the SCMP said.
The lower target range will provide more leeway for the government to deal with external uncertainties and alleviate pressure domestically.
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