China on Saturday cut its annual economic growth target to its lowest level in decades as Beijing struggles to reverse a slump at a time when Russia’s war on Ukraine is pushing up oil prices and roiling the global economy.
The ruling Communist Party will aim for growth of “around 5.5%” this year, down from last year's 8.1% expansion, the country’s No. 2 leader, Premier Li Keqiang, said in a report to the legislature. It noted global commodity prices are surging but made no mention of the reason: the attack by Beijing’s ally, Russian President Vladimir Putin.
