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China targets growth within 'reasonable range' as downward pressure mounts

China vowed to maintain economic growth within a "reasonable range," noting mounting downward pressure on the economy amid a global growth slowdown and increased volatility risks, state media Xinhua News reported.

The Chinese government, at an annual Central Economic Work Conference, called for deeper supply-side structural reforms to ensure reasonable growth.

China's annual GDP growth slumped to a 30-year low of 6.0% in the third quarter amid trade tensions with the U.S. S&P Global Ratings expected in October that growth would drop to 5.8% in 2020.

Officials also agreed to speed up the reforms of state-owned assets, improve the property rights system and promote the development of small and medium-sized enterprises.

The government intends to better the quality of listed companies, improve the exit mechanism and improve the capital market. It also wants to boost the protection of foreign investment and promote foreign trade while reducing the level of tariffs.

Meanwhile, the government said it will continue to implement a proactive fiscal policy and a prudent monetary policy.