Tuesday, March 5, 2013
DJ: China Aims For 2013 GDP Growth Of Around 7.5%
BEIJING--Beijing aims to deliver economic growth of around 7.5% this year, outgoing Premier Wen Jiabao said Tuesday.
The target is unchanged from last year.
Before last year the largely symbolic target had been 8% for seven straight years. Actual gross domestic product growth consistently outpaces the official target. The world's second-largest economy grew at 7.8% last year.
In his last government work report as the premier to the National People's Congress--the annual meeting of China's legislature--Mr. Wen said the government aims to contain consumer price inflation within 3.5%. Last year, the consumer price index rose 2.6%--below an official target of within 4.0%.
In addition Mr. Wen also set a 13% growth target this year for M2, China's broadest measure of money supply.
"This year China is still under considerable inflationary pressure...there is upward pressure on the prices of land, labor and other factors of production and the prices of farm products and services. Major developed countries are increasingly carrying out easy monetary policies and imported inflationary pressure cannot be overlooked," Mr. Wen said.
"In the current stage the role investment plays in promoting economic growth cannot be underestimated. They key is to make investment in the needed sectors, optimize the structure of investment and improve its performance and returns," Mr. Wen added.