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China cuts growth target, pushes through reforms

China aims to expand its economy by around 6.5% in 2017, Premier Li Keqiang says

China's Premier Li Keqiang arrives at National People's Congress
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China's Premier Li Keqiang arrives at National People's Congress

Kevin Yao & Xiaochong Zhang | Reuters
China has cut its growth target this year as the world's second-largest economy pushes through painful reforms to address a rapid build-up in debt, and constructs a "firewall" against financial risks.

China aims to expand its economy by around 6.5 per cent in 2017, Premier Li Keqiang said at the opening of the annual meeting of parliament on Sunday. China targeted growth of 6.5 to 7 per cent last year and ultimately achieved 6.7 per cent, the slowest pace in 26 years.

A lending binge and increased government spending have fuelled worries among China's top leaders about elevated debt levels and an