China lowers 2015 growth target to ‘approximately 7%’

March 5, 2015 3:12 PM

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Beijing: China lowered its 2015 economic growth target to “approximately seven percent” Thursday, scaling down expectations in the face of “formidable” difficulties for the world’s second-largest economy after its decades-long boom.

The figure announced by Premier Li Keqiang is the lowest since a similar goal in 2004 and comes after China’s gross domestic product (GDP) expanded 7.4 percent in 2014, the slowest pace in 24 years. Last year’s target was “about 7.5 percent”.

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