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- China lowered its economic growth target for the year 2019 to between 6 to 6.5% of Gross Domestic product(GDP).
- The cuts to the GDP growth target comes in the backdrop of (a)Chinese economy facing pressure from a persistent slowdown (b)Rising trade tensions between US and China and (c)slowing global economy.
- Chinese Government have announced various initiatives to prop up growth which are (a)increasing deficit spending (b)launching new tax cuts and other fee reductions for businesses and (c)boosting bank lending to small and private companies.
- China has also said that a new foreign-investment law will be introduced which will allow a level playing field between foreign and domestic firms.It was one of the key demand of US Government.
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