China set an economic growth target range of 6.5 percent to 7 percent for this year, slower than the objective of about 7 percent in 2015, the head of the country’s top economic planner said.

While downward pressure on the economy is “relatively big” in the first quarter, China has the ability to realize such a goal, National Development and Reform Commission Chairman Xu Shaoshi said Wednesday at briefing in Beijing. The country also plans to take steps to curb excess industrial capacity and deal with unprofitable “zombie companies,” Xu said.

China has many policy tools to deploy, and the central bank’s recent cut to minimum down payments for first time home buyers will help reduce excess housing stock, Xu said.

Growth last year slowed to 6.9 percent, the slowest annual pace in a quarter century. President Xi Jinping has said gross domestic product gains in the next five years should average at least 6.5 percent per year to realize the goal of doubling 2010 gross domestic product and per capita income by 2020.

USDCNH

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD clings to daily gains above 1.0650

EUR/USD clings to daily gains above 1.0650

EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.

EUR/USD News

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.

GBP/USD News

Gold holds steady at around $2,380 following earlier spike

Gold holds steady at around $2,380 following earlier spike

Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.

Gold News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price shows no signs of directional bias while it holds above  $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research. 

Read more

Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.

Read more

Majors

Cryptocurrencies

Signatures