Beijing pares economic growth target to around 7%, calls it new normal

Beijing

AS expected, China lowered its 2015 GDP growth target to "approximately 7 per cent", as the world's second largest economy rebalances and faces slower global growth.

In his opening address of more than 11/2 hours to the National People's Congress that convenes annually, Prime Minister Li Keqiang confirmed that China's slower growth was now what has been dubbed as the "new normal", a phrase he repeated in his speech. In the work report, all economic targets for 2015 were trimmed compared to the previous year.