June 23, 2016 / 10:47 AM / 2 years ago

China industrial investment slowing amid tepid demand: deputy minister

BEIJING (Reuters) - Growth in investment in China’s industry is slowing amid tepid external demand, the deputy industry minister said on Thursday.

A man walks over a bridge as smoke rises from chimneys of a thermal power plant in Shanghai February 23, 2015. REUTERS/Carlos Barria/File Photo

It will require hard work to meet China’s industrial growth targets for 2016, Feng Fei said, according to a statement on the Ministry of Industry and Information Technology’s website.

China will accelerate reductions in capacity in some sectors in the second half this year, using market-based measures, he added.

Weighed down by sluggish demand at home and abroad, industrial overcapacity and faltering investment, China’s economic growth slowed to 6.9 percent in 2015, the coolest in a quarter of a century.

Beijing is aiming for economic growth of between 6.5-7 percent in 2016.

Reporting by Beijing Newsroom; Editing by Kim Coghill

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