China trying to uncloak economic traps

China trying to uncloak economic traps
President Xi Jinping's government has given the United States a "priority" list of Chinese officials suspected of corruption and who are believed to have fled there.

SHANGHAI - Chinese leaders are guiding public expectations lower to smooth the impact of slowing economic growth.

The country "cannot hope to achieve healthy economic growth unless it steps up reform and readjustment efforts", Premier Li Keqiang said Thursday here in the Great Hall of the People.

His speech - in front of 3,000 or so representatives from all over the country on the opening day of the National People's Congress - cemented the government's view that China's economic development has entered a new, slower stage. The premier declared the government's goal for real economic growth in 2015 is "around 7 per cent," 0.5 of a percentage point lower than that for 2014.

Out in the open

Slowing economic growth is already presenting myriad problems. One of them is the fiscal mess local governments find themselves in.

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