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China considering lowering 2022 growth target to 5.5%-6%

President Xi aims to spur demand, increase jobs before CCP congress in the fall

Analysts predict the Chinese economy will grow 5% to 5.5% in 2022, but sources from President Xi Jinping's administration say "the growth target will be more optimistic." (Nikkei montage/Reuters)

BEIJING -- President Xi Jinping's government is considering lowering China's 2022 economic growth target to 5.5% to 6%, from 2021's goal of 6% or more, government sources told Nikkei Asia.

As worries about stagnation grow, the administration plans to shore up economic activity through new tax cuts and monetary relaxation before the start of the Chinese Communist Party's national congress in the autumn of 2022. The meeting is held every five years.

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