China to target 6-6.5% GDP growth in 2019

"More efforts will be made to boost infrastructural growth, but in a more efficient way. Local governments need to cut costs and get used to spending less," the official also said.

SHANGHAI: China may set an economic growth target for this year of between 6 percent and 6.5 percent, lower than for 2018, the official China Daily newspaper reported on Friday, citing unnamed sources close to policymakers.

"We face greater challenges to stabilize growth compared to the previous year," the paper quoted a National Development and Reform Commission official as saying.

"More efforts will be made to boost infrastructural growth, but in a more efficient way. Local governments need to cut costs and get used to spending less," the official also said.

Reuters on Jan. 11 reported that China plans to set a lower GDP growth target of 6-6.5 percent in 2019 compared with last year's target of "around" 6.5 percent.

The official target will be unveiled at the annual parliamentary session in March.

On Monday, China will report economic growth data for 2018's last quarter. Growth is expected to have slowed to 6.4 percent, the weakest pace since the global financial crisis, a Reuters poll showed. - Reuters