(MENAFN) As the world's 2nd-largest economy is grappling with slower expansion, increasing debts and slow reforms, China has implemented a range of 6.5-7pct for its economic development goal for the second half.
The world's most populous nation's economy jumped 6.9 percent in 2015, reflecting the weakest progress in 25 years, thus it's the first time since 1995 that China has set a target range for its yearly economic growth.
Meanwhile, in the face of a rapid and harsh economic slowdown, Chinese legislators have focused entirely on cutting overcapacity in the manufacturing divisions of coal, mining, aluminum and cement.
Moody's Investors Service has recently downgraded the credit-rating outlook of China to "negative" from "stable," citing intensifying government debts and deteriorating foreign-currency reserves.
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