It's time to slow down: China

Beijing - Beijing cuts growth target to 6.5 to 7% against New Delhi's forecast of 7 to 7.75%

China's leadership tried to quell anxiety about its slowing economy following financial turmoil and rising labour unrest as it cut its growth target on Saturday and promised to open the oil and telecom industries to private competitors in sweeping industrial reforms.
Premier Li Keqiang announced a growth target of 6.5 to 7 per cent in a report to the national legislature on Beijing's plans for the year. That was down from last year's "about 7 per cent" and reflects the ruling Communist Party's marathon efforts to replace a worn-out model based on trade and investment with more self-sustaining growth driven by consumer spending.
In the industrial giant's backyard, India's economy grew at an average rate of 7.5 per cent in 2015, faster than the 6.9 per cent growth in China. And for 2016, India has forecast a growth of 7 to 7.75 per cent.
Li, the country's top economic official, warned that China faces "more and tougher problems", including weak export demand. But he expressed confidence that communist leaders can maintain stable growth.
"China has laid a solid material foundation and its economy is hugely resilient," the premier said in an address to nearly 3,000 delegates to the National People's Congress, a 12-day affair that kicked off on Saturday. "As long as we work together as one to surmount all difficulties, we will definitely achieve the targets for economic and social development in 2016."

In a wide-ranging speech lasting nearly two hours, Li said Beijing will "oppose separatist activities" in Taiwan, the self-ruled island China claims as part of its territory. He announced no new initiatives following the recent election of Taiwanese President Tsai Ying-wen, who takes office in May.
A separate budget report released on Saturday confirmed that military spending will rise 7.6 per cent, which comes at a time of tensions with China's neighbours over disputed portions of the South China Sea. The military budget of 954 billion yuan ($146.5 billion) keeps China in second place in global defence spending behind the United States.

Hostesses, who facilitated the arrival of delegates by bus, pose for a selfie on the steps of the Great Hall of the People during the opening session of China's annual National People's Congress (NPC) in Beijing, Saturday, March 5, 2016. (AP Photo/Mark Schiefelbein)

Hostesses, who facilitated the arrival of delegates by bus, leap as they pose for photographers in front of the Great Hall of the People during the opening session of China's annual National People's Congress (NPC) in Beijing, Saturday, March 5, 2016. (AP Photo/Mark Schiefelbein)

A Chinese military band conductor leads the band at the end of the opening session of the annual National People's Congress in Beijing's Great Hall of the People, Saturday, March 5, 2016. China?s leadership tried to quell anxiety about its slowing economy following financial turmoil and rising labor unrest as it cut its growth target Saturday and promised to open oil and telecoms industries to private competitors in sweeping industrial reforms. (AP Photo/Ng Han Guan)