Xu Shaoshi, director of China's National Development and Reform Commission, speaks at a press conference in Beijing, Sunday, March 6, 2016. Chinaâs top economic planning official Xu says any prediction that Chinaâs economy should have a hard landing is doomed to fail, and he assures the world that China will continue to contribute to, rather than to hurt, the global economy. (AP Photo/Mark Schiefelbein)
The Associated Press
BEIJING (AP) - China's finance minister says Beijing is expanding deficit spending to prevent a slide in growth and support its efforts to overhaul its cooling economy.
Lou Jiwei said Monday the deficit target of 3 percent of gross domestic product, up from last year's 2.3 percent, was in line with Communist Party plans to nurture slower, more self-sustaining growth.
At a news conference, Lou said the deficit was widening "because we don't want to see a decrease in economic growth."
On Saturday, the Chinese leadership lowered its growth target for the world's second-largest economy to 6.5 to 7 percent from last year's level of "about 7 percent."
The ruling Communist Party has said that is the minimum required to achieve its goals for raising incomes.
Xu Shaoshi, director of China's National Development and Reform Commission, waves as he leaves a press conference in Beijing, Sunday, March 6, 2016. Chinaâs top economic planning official Xu says any prediction that Chinaâs economy should have a hard landing is doomed to fail, and he assures the world that China will continue to contribute to, rather than to hurt, the global economy. (AP Photo/Mark Schiefelbein)
The Associated Press
Xu Shaoshi, director of China's National Development and Reform Commission, waits as reporters raise their hands to ask questions at a press conference in Beijing, Sunday, March 6, 2016. Chinaâs top economic planning official Xu says any prediction that Chinaâs economy should have a hard landing is doomed to fail, and he assures the world that China will continue to contribute to, rather than to hurt, the global economy. (AP Photo/Mark Schiefelbein)
The Associated Press