After years of rapid economic growth — growth heavily reliant on mounting debt — China is slowing things down and focusing on stability, Chinese Premier Li Keqiang announced during his annual speech at the National People's Congress on Tuesday.
The government is lowering its growth target to between six and 6.5 percent, following last year's 6.6 percent growth rate — the country's slowest pace since 1990. Li told the assembled delegation of nearly 3,000 representatives that they must prepare "for a tough struggle" and that the "difficulties we face must not be underestimated."
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