China lowered its 2015 growth target to 7.0%

On today’s opening of the National People's Congress (NPC), China’s Premier Li Keqiang gave his speech of the central government’s Working Report (WP), in which a batch of macroeconomic targets are set for this year, including GDP growth, inflation, the number of job creation, fiscal deficit and money supply. Except for fiscal budget deficit, other targets are broadly in line with our expectations. Moreover, the WP also manifested the authorities’ policy stance and indicated next steps on structural reforms.

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