China Reins Back On GDP Target As Economy Slows

China’s economic growth target of 5.5 per cent should be treated as “guidance” and not a hard target, the country’s leaders have reportedly told government officials as Beijing appeared set to miss the goal by a large margin.

- Namita Singh

In the meeting with ministerial and provincial-level officials, the leaders said they would not be penalised for failing to achieve the target, nor would it be used as a basis to evaluate their performance, reported Bloomberg, citing sources. They also allegedly acknowledged that China was unlikely to meet the target.