5% GDP target 'consistent with China's potential', says economic authority

BEIJING – China's top economic planner defended the country's modest growth target of around 5 per cent announced on Sunday as it laid out the government's plans on spurring domestic demand. Economists had expected the target to be set between 5 and 5.5 per cent this year. But a growth target of around 5 per cent sets the tone for China's future development to remain within a "reasonable range", said Mr Zhao Chenxin, National Development and Reform Commission (NDRC) vice-chairman, on Monday. The aim is also "consistent with the current growth potential of the Chinese economy", he added. Mr Zhao…