China vows to ‘transform’ economy, targets stable growth of about 5%

News Snapshot:

China will target economic growth of around 5% this year as it works to transform its development model, curb industrial overcapacity, defuse property sector risks and cut wasteful local government spending, Premier Li Qiang said on Tuesday. Li delivered his maiden work report at the annual meeting of the National People’s Congress (NPC), China’s rubber-stamp legislature, in the cavernous Great Hall of the People in Tiananmen Square. The growth target was similar to last year’s but will require stronger government stimulus for China to reach it, as the economy remains reliant on state infrastructure investment that has led to a...