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What does the new growth target mean for China?

At this year’s National People’s Congress, Chinese policymakers set a target range for GDP growth of between 6.5% and 7% for 2016 rather than a point specific target.

Setting a range makes things a little easier for policymakers as it provides some ‘wriggle-room’ in a country where the economy has shown signs of a gradual and, sometimes bumpy, slowdown in growth (see our October 2015 edition). But fears of a hard-landing were somewhat allayed by the official fourth quarter GDP figures which showed growth of 6.8% coupled with a clearer communication plan deployed by the People’s Bank of China (PBoC).

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