China planner says economy meeting growth target

Staff Writer
Columbus CEO

BEIJING (AP) — China's top economic planner says major water conservancy projects and other infrastructure investment will help ensure the country meets its economic growth target of 7.5 percent for the year.

Director General Li Pumin of the National Development and Reform Commission told reporters Tuesday that measures to stimulate consumption and halt a decline in investment would start having an effect in the final quarter of the year.

China's urban fixed-asset investment grew 16.5 percent in the first eight months of 2014 from the same period last year. That was down half a percentage point from the first six months of the year.

China's economy has continued to slow this year, leading to speculation that it will fall short of the 7.5 percent target, barely half of 2007's peak of 14.2 percent.