중국, 올해 경제성장률 목표 '6~6.5%'로 낮춰
China started its "two sessions" on Sunday.
At this annual event.... Beijing released its highly-anticipated growth target for 2019.
Ko Roon-hee has the highlights from the meeting.
One of China's largest political events is dubbed the "two sessions"...because it's where both the National People's Congress and the advisory body, the Chinese People's Political Consultative Conference, come together to establish China's goals for the next twelve months.
On Tuesday, the National People's Congress started its session in Beijing...with Premier Li Keqiang announcing China's growth target for 2019.
The goal for GDP growth was set at a range of six to six-point-five percent... lower than last year's six-point-five percent.
In 2018, China's economy grew by six-point-six percent,... the slowest pace in 28 years.
Premier Li explained the background of the new growth target.
"Currently our country is facing an exceptional, complex and severe situation, and the economy is facing new downward pressure."
Analysts are attributing the lower target to the ongoing trade spat between Washington and Beijing... which has negatively affected Chinese businesses.
Weakening domestic demand was also cited as a contributing factor.
Experts in Korea say... China's lower growth target could signal a red flag for local exporters.
As of last month,... Korea's exports to China accounted for roughly 25 percent of the country's total outbound shipments.
"South Korea exports a lot of intermediary goods to China. And Beijing's lower economic growth rate means less products are manufactured. Therefore, this is negative news for exporting firms in Korea."
Other than the growth rate, China also revealed its target consumer price inflation for this year at Tuesday's session,... which has been set at around three percent.
In terms of employment, China aims to create eleven-million new jobs in urban areas...and maintain the unemployment rate in those areas at around five-and-a-half percent.
The budget deficit goal was set at two-point-eight percent of GDP...up from two-point-six percent last year.
Ko Roon-hee, Arirang News.
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