World

China Signals ‘New Normal’ with Higher Spending, Lower Growth Target

In this Sept. 22, 2014 photo provide by China's Xinhua News Agency, Chinese President Xi Jinping, front right, meets with a delegation of Hong Kong's industrial and business circles headed by Tung Chee-hwa, left front, in Beijing, capital of China. (AP Photo/Xinhua, Rao Aimin)
In this Sept. 22, 2014 photo provide by China’s Xinhua News Agency, Chinese President Xi Jinping, front right, meets with a delegation of Hong Kong’s industrial and business circles headed by Tung Chee-hwa, left front, in Beijing, capital of China. (AP Photo/Xinhua, Rao Aimin)

 

(Reuters) – China plans to run its biggest budget deficit in 2015 since the global financial crisis, stepping up spending as Premier Li Keqiang signalled that the lowest rate of growth in a quarter of a century is the “new normal” for the world’s No.2 economy.

Speaking at the opening of the country’s annual parliamentary meeting on Thursday, Li announced a growth target of around 7 percent for this year, below the 7.5 percent goal that was narrowly missed in 2014.

“The downward pressure on China’s economy is intensifying,” Li told around 3,000 delegates gathered at the Great Hall of the People to the west of Beijing’s Tiananmen Square.

“Deep-seated problems in the country’s economic development are becoming more obvious. The difficulties we are facing this year could be bigger than last year.”

READ MORE

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker