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China cuts growth target to 6.5% this year - Premier Li Keqiang | China cuts growth target to 6.5% this year - Premier Li Keqiang |
(35 minutes later) | |
The Chinese growth target for this year has been cut to around 6.5%, down from 6.5 to 7% last year, Premier Li Keqiang has announced. | |
He was addressing the country's rubber-stamp parliament, the National People's Congress (NPC), which has gathered in Beijing for its annual session. | |
The Chinese economy expanded at its slowest pace in 26 years in 2016. | The Chinese economy expanded at its slowest pace in 26 years in 2016. |
Mr Li said he would tackle state "zombie enterprises" producing more coal and steel than the market needed. | |
Similar pledges in the past have proved hard to fulfil. | |
More than 3,000 legislators are meeting in the Great Hall of the People. | |
The NPC and its advisory body hold ceremonial meetings every year known as "lianghui" or "two sessions". | The NPC and its advisory body hold ceremonial meetings every year known as "lianghui" or "two sessions". |
The advisory body, the Chinese People's Political Consultative Conference, began its meeting on Friday. | The advisory body, the Chinese People's Political Consultative Conference, began its meeting on Friday. |
NPC leaders are tolerating slightly slower economic growth this year to give them more room to push through some painful reforms to deal with a rapid build-up in debt, Reuters news agency reports. | NPC leaders are tolerating slightly slower economic growth this year to give them more room to push through some painful reforms to deal with a rapid build-up in debt, Reuters news agency reports. |
State news agency Xinhua said legislators and advisers would, among other issues, discuss globalisation "at a time when certain Western powers are retreating into protectionism and isolation". | State news agency Xinhua said legislators and advisers would, among other issues, discuss globalisation "at a time when certain Western powers are retreating into protectionism and isolation". |
The meetings are the first since the election of US President Donald Trump, who has called for higher tariffs on Chinese imports. | The meetings are the first since the election of US President Donald Trump, who has called for higher tariffs on Chinese imports. |
Xinhua also reported that national defence and relations with Taiwan, Hong Kong and Macau would be discussed. | Xinhua also reported that national defence and relations with Taiwan, Hong Kong and Macau would be discussed. |
Prime Minister Li is also expected to provide more detail on Sunday about the country's defence budget, which is planned to rise by 7%. | Prime Minister Li is also expected to provide more detail on Sunday about the country's defence budget, which is planned to rise by 7%. |
This year's "lianghui" comes ahead of a major Chinese Communist Party congress, due to be held later this year. | This year's "lianghui" comes ahead of a major Chinese Communist Party congress, due to be held later this year. |
That congress will confirm party chief and president Xi Jinping's second term in office, as well as announce changes in the party's top leadership. | That congress will confirm party chief and president Xi Jinping's second term in office, as well as announce changes in the party's top leadership. |