China announced a figure of its economic target for the year 2018 at the opening session of the annual National People’s Congress. The economic target set by the country is below 6.9%, achieved in the year 2017.
The report also confirms China’s clamp down on country’s major companies which are involved in financially risky activities. Recently, Beijing took action on insurance and financial giant Anbang. Apart from Anbang, several other firms are also under the scrutiny.
China is the world’s second largest economy, it is trapped by the risk of high debts.China thinkers and watchers believe that the GDP numbers are way weaker than stated by the government. Its economic operations are greatly dependent on debt based investments and exports.