China to set 2019 GDP growth target of 6.0-6.5 per cent, sources say
- The proposed target was endorsed by top leaders at the annual closed-door Central Economic Work Conference in December
- It will be unveiled at March’s annual parliamentary session, with data expected to show the economy grew around 6.6 per cent in 2018 – the weakest since 1990
China plans to set a lower economic growth target of 6.0-6.5 per cent in 2019 compared with last year’s target of “around” 6.5 per cent as Beijing gears up to cope with higher tariffs from the United States and weakening domestic demand.
The proposed target, to be unveiled at the annual parliamentary session in March, was endorsed by top leaders at the annual closed-door Central Economic Work Conference in December, according to four sources with knowledge of the meeting’s outcome.
Data later this month is expected to show the Chinese economy grew around 6.6 per cent in 2018 – the weakest since 1990.
Analysts are forecasting a further loss of momentum this year before policy support steps begin to kick in.
“It’s very difficult for growth to exceed 6.5 per cent, and there could be trouble if growth dips below 6 per cent,” said one source who requested anonymity due to the sensitivity of the matter.
