China changes economic growth target to 6.5-7 percent

Beijing: China, which has cut the growth target for its sluggish economy this year to 6.5-7 percent, will allow the private companies to take part in its petroleum and telecom markets.

This step is a part of sweeping reforms aimed to boost productivity and incomes.

Premier Li Keqiang delivered the work report to the national legislature in Beijing’s Great Hall of the People on Saturday, reported Jakarta Post.

The growth target has been down from last year’s about seven percent and less than half of 2007’s peak of 14.2 percent.

China ‘s economy has been depressing for the past few months forcing the ruling Communist Party to remodel its economic structure.

The demand for exports has significantly reduced and growth last declined to a 25-year low of 6.9 percent.

Li had promised to open state-dominated industries, including telecoms, petroleum and public utilities. He, however, did not mention whether the foreign companies will be allowed.

The Chinese Government has tried to shift public attention away from the growth target and stated their priority is jobs for the people and if the economy is able to generate enough they are ready to accept slower growth. (ANI)