China expects its economy to slow down further this year.
The government said Sunday that it’s targeting growth of “around 6.5% or higher if possible” in 2017.
That’s below the rate of 6.7% at which the world’s second-largest economy grew last year. But it’s right in line with the forecasts of many economists.
The Chinese government used a substantial dose of stimulus to keep the economy chugging along in 2016. Public investment in infrastructure skyrocketed and bank lending soared despite repeated warnings about the country’s high level of corporate debt.
China’s growth engine is cooling off after decades of breakneck expansion.
— Tim Schwarz contributed to this report.
CNNMoney (Hong Kong) First published March 4, 2017: 8:49 PM ET