Premier Li Qiang announced the target Wednesday morning as he delivered the government's annual work report to the national parliament in Beijing. This marks the third straight year China has set that goal, but repeating it again will be difficult.
China buttressed its growth plan with the highest fiscal deficit target in over three decades and a pledge to raise local government bond issuance to record levels—all in line with market expectations. Top leaders made boosting consumption the work report's top priority for the first time since President Xi Jinping came to power over a decade ago.
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