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China People's Congress

China ready to raise deficit ceiling at annual gathering

Economic pledges at NPC to focus on infrastructure, rural land reform and jobs

China is looking to spend more on infrastructure to boost an economy hit by cool domestic consumption and the simmering trade war with the U.S. (Nikkei montage/Reuters)

TOKYO/HONG KONG -- China is set to turn on the fiscal spigots to stimulate a slowing economy hit by cool domestic consumption and the simmering trade war with the U.S.

At next week's National People's Congress, the country's biggest annual political event, China is expected to scale back its gross domestic product target on the back of last year's 6.6% growth -- its lowest in 28 years. Many analysts see Beijing shooting for about 6.0% to 6.5%, with a median forecast of 6.3% in a Reuters poll of 85 economists. The announcement is expected on Tuesday.

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