CHINA on Thursday lowered its GDP target to 4.5 to 5 per cent for this year in the face of Trump’s trade tariff war, the worsening global crisis following the US-Iran war and headwinds in the domestic economy, owing to property market slump and unemployment crisis. The target close to that of last year was announced by Chinese Premier Li Qiang in his work report presented to the annual National People’s Congress (NPC), the country’s parliament, which opened here on Thursday.

 

China has been setting a five per cent target for the GDP for the last three years amid growing domestic economic challenges. This year, the target is lowered to 4.5 per cent to 5 for the first time. China’s economy grew by 5 per cent last year to USD 20.01 trillion, riding high on the robust exports despite US tariffs, while domestic consumption, its bugbear, remained sluggish. Thursday’s opening session is being attended by President Xi Jinping and over 2,000 deputies. Presenting his work report, an annual feature, Li said the Government targets an economic growth of 4.5 per cent to 5 per cent this year and will strive for better in practice.