Comments by China's state council researcher, Huang Shouhong
- Lower GDP target can help China pursue quality growth
- Tax cuts are largely aimed at helping manufacturers
- China needs GDP growth of around 6.2% this year and next to double GDP by 2020
- Growth rate that is slightly higher or lower will still be acceptable
Well, despite announcing more proactive measures to bolster the economy, China is still leaning on the more reserved side with regards to growth forecasts for the year. Let's see if the fiscal measures announced here will have any substantial impact in the coming quarters.
But so far, Chinese markets are liking the announcements as it is helping stocks get a bit more of a lift as we approach the closing stages now. The Shanghai Composite index is now up by 0.8% with the ChiNext up by over 3% on the day.
