China sets 6.5% to 7% growth target, first range since 1990s

Hong Kong

CHINA set a range for its economic growth target for the first time in two decades, saying the world's second-largest economy would expand 6.5 per cent to 7 per cent this year, slower than last year's goal of about 7 per cent.

While downward pressure on the economy is "relatively big" in the first quarter, China can meet the goal, National Development and Reform Commission chairman Xu Shaoshi said on Wednesday at a briefing in Beijing. The country also plans to take steps to curb excess industrial capacity and deal with unprofitable "zombie companies", said Mr Xu, head of the country's top economic planner.