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Free AccessChina Sets GDP Growth Rate 6.5%, Seeks Continuity
BEIJING (MNI) - China aims to keep its economy growing at a slower pace of
about 6.5% this year while limiting its inflation at about 3%, the government
said.
While seeking continuity and consistency in macro policies, China will keep
its fiscal policy "proactive," with 2.6% targeted debt-to-GDP ratio, a reduction
of 0.4 percentage point from last year, according to a report to the press ahead
of the opening of National People's Congress on Monday. Fiscal deficit is
projected to be CNY2.38 trillion, the same as last year's budge, it said.
"Prudent monetary policy will be kept neutral and appropriate levels of
tightness," the government said. Total social financing and M2 monetary supply
will grow at the same level as the actual rates last year, according to the
report.
The government will "effectively guide the levels of interest rates, reform
and enhance the supervision of cross-border capital flow," according to the
report. "The yuan exchange rate will be generally stable at adaptive and
equilibrium level," it said.
Local government bond issuance will total CNY1.35 trillion this year, an
increase of CNY550 billion from budged last year, according to the report.
Chin will reduce financial burdens on businesses and individuals by CNY1
trillion this year, including cutting company and citizen taxes by CNY800
billion, according to the report.
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: beijing@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MC$$$$,MI$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.