China tries to reassure on economy, cuts growth target

March 5, 2016 11:25 AM

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China tries to reassure on economy, cuts growth target

BEIJING (AP) — China's leadership tried to quell anxiety about its slowing economy following financial turmoil and rising labor unrest as it cut its growth target Saturday and promised to open the oil and telecom industries to private competitors in sweeping industrial reforms.

Premier Li Keqiang announced a growth target of 6.5 to 7 percent in a report to the national legislature on Beijing's plans for the year. That was down from last year's "about 7 percent" and reflects the ruling Communist Party's marathon efforts to replace a worn-out model based on trade and investm...

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