China’s central banker says economy can hit growth target Mar 12th

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BEIJING, China – In a new effort to dispel anxiety about China’s cooling economy, the central bank governor said Saturday the country can hit this year’s official growth target and Beijing has no need to weaken its currency to boost sagging exports.
Zhou Xiaochuan’s comments at a news conference during China’s national legislature add to a high-level public relations campaign by Beijing to reassure global financial markets about the stability of the world’s second-largest economy following stock and currency turmoil.
Zhou expressed confidence the economy can hit its official growth target, which the ruling Communist Party lowered this year to 6.5 to 7 per cent from last year’s “about 7 per cent.” Growth fell last year to a 25-year low of 6.9 per cent, though that still was among the world’s highest.
Economic growth has declined steadily over the past five years as Beijing carries out a marathon effort to nurture domestic demand and reduce reliance on a worn-out model based on trade and investment…

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