As focus shifts to debt reduction, China sets moderate economic growth target

China’s decision to revive its decades-long tradition of setting an economic growth target for 2021 is seen as a vote of confidence in its continued recovery from the effects of the coronavirus, but the low bar suggests focus has started to pivot back towards deleveraging to reduce debt and financial risks.Premier Li Keqiang on Friday announced a gross domestic product (GDP) growth rate target of “above 6 per cent” for this year as he laid out China’s economic and social plans in the government…