China Lowers Growth Target

China has lowered its annual economic growth target to “around” 6.5%, compared to last year’s range of 6.5% to 7%.

“At present, overall systemic risks are under control,” Premier Li Keqiang told the National People’s Congress. “But we must be fully alert to the build-up of risks, including risks related to non-performing assets, bond defaults, shadow banking and Internet finance.”

Gross domestic product officially grew 6.7% in 2016, the slowest pace in a quarter-century.