China lowers economic growth target to 4.5-5 pc amid global, domestic uncertainties

BEIJING: (Mar 5) 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.