China Lowers GDP Target For 2022 To 5.5%

China has lowered its GDP target to 5.5 per cent for this year bringing it down from last year's 6.1 per cent.

The new target for the second-largest economy was announced by premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's Parliament which opened its annual session here on Saturday.

In 2021, China's economy grew by 8.1 per cent 2021 to about $18 trillion stated to be the best in a decade. The pace of the growth was well above the government target of above six per cent in 2021.