China has set its gross domestic product (GDP) growth target for this year at 7.5 percent, Xinhua news agency reported Wednesday, citing a government work report delivered by Premier Li Keqiang at the second session of the 12th National People’s Congress. The central government plans to contain consumer price index (CPI) growth at about 3.5 percent and increase the outstanding broad money supply (M2) by about 13 percent, the report said. In other comments, Li said the yuan’s daily trading band will be widened from the current one percent, according to the report. The premier, meanwhile, reiterated that China will continue adopt proactive fiscal policies and prudent monetary policies.
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