China adds stimulus as it cuts growth target to 6%-6.5% range

Beijing announces tax cuts, increased bond issuance to boost slowing economy

20190305 Xi Jinping and Premier Li Keqiang

China's President Xi Jinping, left, and Premier Li Keqiang arrive for the opening session of the National People's Congress at the Great Hall of the People in Beijing on March 5. (Photo by Taro Yokosawa)

CK TAN, Nikkei staff writer

March 5, 2019 09:51 JST

Updated on March 5, 2019 15:46 JST

BEIJING -- With economic momentum continuing to slow from a crackdown on financial leverage and the trade conflict with the U.S., China has set its growth target for this year at a range of 6% to 6.5%.

Last year's official gross domestic product expansion of 6.6% was already the slowest China had posted in 28 years but many economists believe the actual rate was significantly lower. To boost confidence, Premier Li Keqiang on Tuesday unveiled a package of tax cuts to the National People's Congress.