China growth target: 6.5 percent

5/7/2018 3:33:12 PM

China’s growth is expected to reach 6.5 percent in 2018. The official growth figure was announced at the recently held annual National People's Congress. Although it is steep by any measure, it is below the 6.9% reported for 2017.

Over the years, China has relied heavily on debt-fuelled investment and exports to drive its growth. In 2018, Beijing is looking for slower but more sustainable consumption-based growth.

BBC reports that, as part of its key policies for 2018, China will watch some major firms closely, to stop financially risky operations that have threatened to cause their collapse. One of the firms that has its finances scrutinised by the government is insurance and financial giant Anbang.

The government is seeking to tighten internal risk controls in financial institutions. Also, it targets activities that violate the law like illegal fundraising and financial fraud.

Further reading on bbc.com

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