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Media digest on the 2016 Government Work Report

Updated: Mar 7,2016 3:24 PM

Editor’s note: Premier Li Keqiang delivered the annual Government Work Report on March 5, elaborating on last year’s performance while laying out economic blueprint ahead.

The “two sessions”, referring to meetings of National People’s Congress, the top legislature, and the Chinese People’s Political Consultative Conference, the top advisory body, has grabbed world’s attention. Here’s a selection of quotes from international media.

“This is the first time since 1995 that Beijing has announced a target range for economic growth. It shows the government moving away from its previous approach of setting specific numbers to hit.”

China sets growth target range of 6.5 to 7 percent for 2016

-CNN Money, March 4

“Premier Li promised to open service and manufacturing industries wider to foreign investors, though he gave no details. He promised regulations would be made ‘more fair, transparent and predictable’ to attract investment.”

China cuts its economic growth target to 6.5-7 percent

-AP, March 4

“In its draft 13th Five-Year Plan, released on March 5, China pledged to support Hong Kong in furthering its status as a global financial, shipping and trading hub.”

Key takeaways from China’s 13th five-year plan and annual reports

-South China Morning Post, March 5

China will avoid the kind of hard landing predicted by the likes of billionaire investor George Soros as policy makers still have enough tools to maintain reasonable growth as they seek to overhaul the world’s second-largest economy, the country’s top economic planner said.

Top Chinese Official Rebuts Soros Prediction for Hard Landing

-Bloomberg, March 6

“Mr Li announced a growth target range for this year of 6.5 to 7 percent, above what many international economists believe is realistic. At the same time he projected the fiscal deficit to rise to 3 percent — a sharp increase but below expectations — as the government struggles to shift from an inefficient, capital-intensive growth model while cushioning an economic slowdown.”

China seeks to balance stimulus and reform

-Financial Times, March 6