China Adjusts Growth Target Amid Debate Over Reform

03:46

March 07, 2016

A security guard sits near a set of doors during delegation meetings at the National People's Congress in Beijing's Great Hall of the People on March 7, 2016.
China's Communist-controlled parliament opened on March 5 to approve a new five-year plan to tackle slowing growth in the world's second-largest economy. (GREG BAKER/AFP/Getty Images) — A security guard sits near a set of doors during delegation meetings at the National People's Congress in Beijing's Great Hall of the People on March 7, 2016. China's Communist-controlled parliament opened on March 5 to approve a new five-year plan to tackle slowing growth in the world's second-largest economy. (GREG BAKER/AFP/Getty Images)

A Chinese official estimates the country's growth will be between 6.5 and 7 percent this year. The estimate came from Premier Li Keqiang at the annual National People's Congress meeting in China over the weekend, and it is a faster pace of growth than many Western economists and the IMF believe possible for China, as the country struggles with an economic slowdown.

In 2015, the Chinese economy fell short of the 7 percent growth target and grew at 6.9 percent, the slowest pace in 25 years. Many economists are now concerned that the country is focusing too much on growth, instead of making necessary structural reforms. Here & Now's Jeremy Hobson talks with Jill Schlesinger of CBS News about the changes going on in China's economy.

Guest

Jill Schlesinger, business analyst with CBS News and host of “Jill on Money.” She tweets @jillonmoney.

This segment aired on March 7, 2016.