US EUROPE AFRICA ASIA 中文
    Business / Macro

    Wen: Economic growth target set at 7.5 percent

    By Chen Jia and Wang Xiaotian (China Daily) Updated: 2013-03-06 09:29

     
    Wen: Economic growth target set at 7.5 percent

    Premier Wen Jiabao delivers his last Government Work Report to the National People's Congress on Tuesday. [Photo/China Daily]?

    Premier stresses importance of consumption and narrowing the income gap

    A growth target of 7.5 percent and a greater focus on consumption and economic reforms were some of the goals set out by Premier Wen Jiabao in a keynote address on Tuesday.

    Wen: Economic growth target set at 7.5 percent

    An inflation target of 3.5 percent was set, below the 4 percent target of 2012, Wen said in his last Government Work Report to the National People's Congress.

    The growth target is the same as last year's, when GDP increased by 7.8 percent from a year earlier, a 13-year low.

    Economic growth in 2011 was 9.3 percent and 10.4 percent in 2010.

    The consumer price index, a main gauge of inflation, rose by 2.6 percent year-on-year in 2012, compared with 5.4 percent in 2011.

    Wen: Economic growth target set at 7.5 percent

    Wen stressed the importance of boosting domestic demand as a long-term strategy vital to supporting development.

    "We should use the power of consumption to unleash the potential of economic growth," Wen said and called for income distribution reform and the narrowing of the income gap.

    Ma Jiantang, head of the National Bureau of Statistics, said, "the GDP growth target was rational", but he highlighted the importance of income growth.

    "A key ingredient toward improving consumption is to ensure that incomes can keep up with stable growth," Ma said.

    Li Ruogu, chairman and president of the Export-Import Bank of China, said that the target of 7.5 percent would not be difficult to achieve as the policies are in place.

    "We won't see a big fluctuation in the CPI this year because the government has put more emphasis on fighting inflation," he said.

    Li Yining, an economist at Peking University, agreed that economic growth should be about 8 percent. "But the important thing is to improve the quality of that growth."

    The government decided to continue a proactive fiscal policy and a prudent monetary policy.

    A fiscal deficit target of 1.2 trillion yuan ($190 billion) and a 13 percent growth in the broad money supply, or M2, were set.

    "Our proactive fiscal policy should play a bigger role in ensuring steady growth, advance reform and benefit the people," Wen said.

    Zhou Xiaochuan, governor of the People's Bank of China, the central bank, said that the slower growth of M2 this year indicated that the government aims to moderate the monetary supply as the world's main economies turn to monetary easing.

    M2 is a broad measure of money supply that covers all the deposits and cash in circulation. It registered a year-on-year growth rate of 13.8 percent by the end of December.

    In January, the indicator grew by 15.9 percent from a year earlier, after lenders extended loans of 1.07 trillion yuan, a record high of monthly new loans in nearly three years.

    Liu Mingkang, former chairman of the China Banking Regulatory Commission and a national political adviser, said the monetary stance this year would be tighter compared with last because capital inflow has become a realistic threat.

    A forecast from JPMorgan said that the 2012 GDP growth may stand at 8.2 percent, supported by policy easing and a recovery in the housing market.

    Zhu Haibin, chief China economist at JPMorgan, said, "The government needs to pay attention to the investment boom risk this year, which usually happens in the first year after a leadership transition."

    Contact the writers at chenjia1@chinadaily.com.cn and wangxiaotian@chinadaily.com.cn

    Wei Tian and Chen Limin contributed to this story.

     

    Hot Topics

    Editor's Picks
    ...
    无码中文字幕乱在线观看| 天堂在/线中文在线资源官网| 台湾佬中文娱乐中文| 日韩人妻无码中文字幕视频| 最近中文字幕高清字幕在线视频 | 天堂中文字幕在线| 亚洲成?v人片天堂网无码| 亚洲AV无码一区二区三区DV| 在线中文字幕一区| 亚洲欧美日韩中文在线制服| 波多野结衣AV无码| 国产成人无码区免费内射一片色欲 | 色窝窝无码一区二区三区色欲| 中文字幕国产在线| 丝袜熟女国偷自产中文字幕亚洲| AAA级久久久精品无码片| 无码精品人妻一区二区三区人妻斩 | 亚洲AV无码第一区二区三区| 惠民福利中文字幕人妻无码乱精品| 嫩草影院无码av| yy111111少妇影院里无码| 无码av免费一区二区三区| 亚洲爆乳无码专区| 中文字幕无码乱人伦| 日韩精品无码一区二区三区四区| 韩国三级中文字幕hd久久精品| 精品人妻中文字幕有码在线| 久久人妻AV中文字幕| 中文字幕人妻中文AV不卡专区| 亚洲av麻豆aⅴ无码电影| 国产综合无码一区二区三区| 18禁免费无码无遮挡不卡网站 | 精品无码人妻夜人多侵犯18| 无码AV波多野结衣久久| 无码A级毛片免费视频内谢| 精品人妻系列无码天堂| 无码久久精品国产亚洲Av影片| 久久久久亚洲AV无码网站| 91精品国产综合久久四虎久久无码一级| 人妻精品久久无码专区精东影业| 国精品无码一区二区三区左线|