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The Nikkei View

China must change course to escape policy-induced recession

Slowdown in world's No. 2 economy will impact the world

Chinese President Xi Jinping, left, and Premier Li Keqiang arrive for the second plenary session of the National People's Congress at the Great Hall of the People in Beijing on March 8.    © Reuters

China has set its economic growth target for 2022 at "around 5.5%," down from "over 6%" last year. Small and midsize enterprises that have supported the economy are facing tougher circumstances than previously thought. Despite the tax refunds and tax cuts implemented by the government, the slowdown continues.

What happens with China's economy bears close watching because it will be a bellwether for the global economy.

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