China's industrial output growth wanes

Chinese Premier Li Keqiang has set the growth target for this year in a range of 6.5-7 percentChina’s industrial production during the first two months of the year grew at its slowest rate since the global financial crisis, the government said Saturday, with top officials vowing to support growth and the volatile stock market. The figures were the weakest since November 2008 as China seeks to effect a difficult transition from an investment and export-driven growth model to one led by consumer spending. Despite the darkening outlook, People’s Bank of China governor Zhou Xiaochuan told reporters Saturday that there was no need for “excessive” monetary stimulus to hit the government’s target of at least 6.5 percent growth over the next five years.

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