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China Breaking News: Xinhua Corrects China Finance Minister's Growth Target Comment

Wochit 1:14 mins

The official Xinhua News Agency corrected a dispatch that quoted the finance minister as saying growth could be 7 percent this year, in an apparent attempt to defuse market worries on a more severe slowdown. Xinhua's corrected story clarified that Minister Lou Jiwei, speaking in Washington, said: "There is no doubt that China can achieve this year's growth target of 7.5 percent". That amounted to repeating the official target set in March for the world's second largest economy when the new government took office. The U.S. Treasury Department said China acknowledged U.S. concerns about cyber theft of intellectual property and trade secrets and agreed to steps that would open its financial and government procurement markets. In a statement on outcomes of the annual U.S.-China Strategic & Economic Dialogue, the Treasury Department also said China had committed to move to a market-determined exchange rate for its (YOU-ON) currency. No British nationals employed by GlaxoSmithKline Plc have been detained as part of an investigation into the British-based drugmaker in China, sources familiar with the situation said.

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