BEIJING: China is struggling to meet its target of 7 per cent growth rate this year, Finance Minister Lou Jiwei said today, citing slowdown of revenue growth.
The central treasury received 2.95 trillion yuan (about USD 475 billion) from January to May, an year-on-year increase of 2 per cent, Lou said while briefing lawmakers on a State Council report on the final accounts for 2014.
The increase is far below the previously budgeted growth rate of 5 per cent.
Total national fiscal revenue reached 6.43 trillion yuan in the same period of time, up 3. 1 per cent year-on-year.
Lou attributed the “receding” fiscal revenue to an unfavourable macro economic status quo – the widely touted “new normal”.
The economy grew 7.4 per cent in 2014, the weakest annual expansion in 24 years.
This year’s growth target is set at approximately 7 per cent.
外文标题：China struggling to meet 7 per cent fiscal target due to slowdown: FM Lou Jiwei
Siva Kumar Dattu (Guntur)
lot of problems are there in Chinese economy.
Most of Chinese investments are being made towards unproductive sector and how can they estimate growth above 7%.
Dhananjay Gokhale (Roha)
china is struggling to meet its target 7 percent of growth rate this is most advantage to indian economy . All investment will divert toward india
Roy Keen (Unknown)
china’s slowdown can be little help to India which has a more massive needy market which needs to be fulfilled for years to come !
A. S. Mathew (U.S.A.)
Let China consult with Mr. Jaitley and Dr. Subramaium Swamy, how to increase the GDP of China.
santosh (Middle East)
Now it’s turn for other economies to get benefit of slowdown in China…
Reshma Farooki (Unknown)
china can easily do it