China will target economic growth of “around 5%” this year as it works to transform its development model (read magically grow while aggressively deleveraging), curb industrial overcapacity (read build less ghost cities while trying to contain the fallout from the biggest real estate crisis in history), defuse property sector risks (read transfer ownership from countless insolvent property developers to the state while encouraging foreign investment) and cut wasteful spending by local governments (read limit corruption in a country where 1 out of every 3 yuan is embezzled, stolen or otherwise vaporized), Premier Li Qiang said on Tuesday according to Reuters . China’s premier Li Qiang is set to deliver his first ‘work report’ to the annual session of the National People’s Congress Li delivered his maiden work report at the annual meeting of the National People’s Congress (NPC), China’s rubber-stamp legislature, in the cavernous Great Hall of the People […]
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