China needs GDP of atleast 6.5% for next 5 years – China’s Xi

By FXStreet FXStreet (Mumbai) – Chinese President Xi Jinping said today that his country will accept a slower growth, but still needs a growth rate of at least 6.55 till next 5
years.

Annual growth should be no less than 6.5% in the next five years to realize the goal to double 2010 gross domestic product and per capita income by 2020, President Xi Jinping said Tuesday, according to the official Xinhua News Agency.

“Negative List” foreign-exchange system

As per Xinhua reports, the authorities will opt for a “negative list” foreign-exchange system — an approach that lets companies do anything that’s not specifically banned. The country also plans to open the finance industry as it promotes the yuan’s inclusion in the International Monetary Fund’s Special Drawing Rights basket.

The details of the 13th five year plan announce today, says the country will target medium- to high-speed growth during the period, open up to overseas investment and boost consumption.
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Source:: FX Street