China Axes Economic Growth Outlook to Around Seven Percent
6 March 2015 18:20 WIB
TEMPO.CO, Jakarta - China's Premier Li Keqiang said on Thursday that China's growth outlook had been revised to around seven percent in light of the global economic slowdown.
The Chinese government has announced that they need to begin the transition process from being an economy with double-digit growth into a mature economy with a "new normal"—a phrase that Liu often uses in his speeches in Beijing.
Last year, China failed to meet its growth target of 7.5 percent, after only having managed to post a 7.4 percent economic growth rate.
According to Li, China faces plenty of systemic, institutional and structural issues that need to be overcome to ensure the continuation of its growth.
Furthermore, scores of analysts in China are doubtful that China will be able to meet its economic growth target in 2015.
"Analysts are predicting that China's Gross Domestic Product (GDP) growth will fall below seven percent as real economic conditions on the ground are worse compared to last year," said an analyst for Tsinghua University, Yuan Gangming, as quoted by The Guardian.
ANTARA