China trims GDP target, citing severe challenges

BEIJING: Chinese Premier Li Keqiang warned Sunday the world’s second-largest economy faces severe challenges, signalling a further deceleration as he announced a trimmed 2017 GDP growth target of “around 6.5 percent.”

The economy is already growing at its slowest rate in more than a quarter of a century and the latest target unveiled at the opening of China’s rubber-stamp parliament is lower than a 6.5-7.0 percent range he set last year.