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China lowers growth target, promises to open industries

China set a lower economic growth target for this year and promised to open more industries to foreign investors as it tries to make its slowing, state-dominated economy more productive. The growth target of about 7 percent, down from last year's 7.5 percent, is in line with efforts to create a "moderately prosperous society," said Premier Li Keqiang in a report Thursday to China's ceremonial national legislature. Last year's actual growth was 7.4 percent, the lowest since 1990. The ruling Communist Party is in the midst of a marathon effort to guide the world's second-largest economy to slower but more self-sustaining growth based on domestic consumption...

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