Wen says 7.5 pct GDP target not low

Discussion in 'China' started by JAYRAM, Mar 17, 2012.

  1. JAYRAM

    JAYRAM 2 STRIKE CORPS Senior Member

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    2012-03-14 13:13:11

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    Chinese Premier Wen Jiabao speaks during a press conference after the closing meeting of the Fifth Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2012. (Xinhua/Wang Jianhua)

    BEIJING, March 14 (Xinhua) -- Premier Wen Jiabao said Wednesday that the 7.5 percent GDP growth target for 2012 is a result of the government's proactive macro-control and can not be viewed as low.

    China's GDP has reached 47 trillion yuan (7.46 trillion U.S. dollars). On this basis, the growth rate of 7.5 percent can not be counted as low, not to mention the economy would keep expanding at this pace, Wen told a press conference after the conclusion of the annual parliamentary session.

    Indeed, the Chinese economy faces slowing trend due to impacts from the European debt crisis and contracting overseas demands, Wen noted.

    Under such circumstances, to lower the growth mainly aims to facilitate economic restructuring, the premier said.

    China lowered its GDP growth target to 7.5 percent for 2012 from around 8 percent in the past seven consecutive years, according to a government work report approved by the parliamentary session.

    Previously, China announced to target a 7 percent GDP growth from 2011 to 2015, the country's 12th Five-Year Plan period.

    Wen reiterated that slower growth is made to fit with targets in the 12th Five-Year Plan, and to guide people in all sectors to focus their work on accelerating the transformation of the pattern of economic development and making growth less dependent on natural resource consumption and environmental pollution.

    "We will make every effort to let ordinary people enjoy more benefits," he said.

    Chinese economy is able to overcome the unbalanced, incoordinate and unsustainable development mode to achieve expansion of higher quality, which is helpful for world economic growth, he said.

    China's premier says 7.5 pct GDP target not low - Xinhua | English.news.cn

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  3. Ray

    Ray The Chairman Defence Professionals Moderator

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    Just OK for China given the situation.

    Though I am sure Wen is being a bit cautious.

    I think they are capable of 9% or so.
     

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