Top Biz News

China sets 8% year growth target

(Xinhua)
Updated: 2007-03-05 09:16

China plans to gear down its economic hike to eight percent, a level lower than the staggering 10.7-percentGDP(gross domestic product) growth rate in 2006, according to a government work report delivered by Premier Wen Jiabao on Monday.

Related readings:  Facts and figures from annual report on development plan  Growth may be slowing in 2007  Per capita GDP touches 28,077 yuan Energy consumption per unit of GDP drops

"The most important task for us is to promote sound and fast economic growth," said the report delivered to 2,890 lawmakers from around the country at the opening meeting of the Fifth Session of the Tenth National People's Congress (NPC), China's top legislature.

"We need to greatly improve the quality and efficiency of economic growth," said the report.

The target was set after taking into consideration all factors, along with goals of employment and increase in consumer prices among others, according to the report.

Experts said that the target can help ensure a smooth economic growth and avoid big ups and downs.

NPC deputy Zhao Peng, president of the Anhui provincial branch of the Industrial and Commercial Bank of China, said the target is "reasonable".

"Higher growth rate will lead to overheating and a lower one is less helpful in resolving social problems," he said, adding that China still has stamina in economic development.

Chen Derong, NPC deputy and mayor of Jiaxing City in east China 's prosperous Zhejiang Province, said that the goal will be good for shifting the focus of local governments from blind economic competition to structural optimization of industries, improvement of efficiency and energy saving.