China sets 2016 growth target at 6.5-7%

China has set its growth target for this year at between 6.5 and 7 percent, the country's top economic planner said Wednesday, an acknowledgement that expansion will continue to weaken. In 2016 "downward pressure on economic growth still exists and will expand to some extent", Xu Shaoshi, chairman of the National Development and Reform Commission, told a press briefing. Xu said China would move to tackle chronic problems with overcapacity and underperforming "zombie" companies.