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[BEIJING] China's economy is slowing but not showing downward momentum, the chairman of China's top economic planning agency said on Thursday.
National Development and Reform Commission (NDRC) Chairman Xu Shaoshi told a news briefing that economic sentiment is improving, though negative pressure remains.
China announced an economic growth target for 2015 of around 7 per cent on Thursday and said it would boost government spending, signalling that the lowest rate of expansion for a quarter of a century is the "new normal" for the world's second-largest economy.