BEIJING, March 5 (Xinhua) -- China maintains its 2013 gross domestic product (GDP) growth target unchanged at around 7.5 percent this year to leave some leeway for economic restructuring, according to a government work report to be delivered by Premier Wen Jiabao at the annual legislative session Tuesday.
The targeted growth also aims to create jobs and improve people's wellbeing, according to the report.
This marks the second consecutive year for the world's second-largest economy to target growth at 7.5 percent. In 2012, the government cut the forecast rate for the first time in eight years from a longstanding annual goal of 8 percent.
The report says the profound impact of the global financial crisis persists, and the recovery of the world economy is "full of uncertainty and not yet on a stable footing."
However, the report also cites the "considerably increased capacity" of China's manufacturing industry, "significantly improved" infrastructure over the years, high savings rate and large workforce as "favorable conditions and positive factors" to sustain development.
"In light of comprehensive considerations, we deem it necessary and appropriate to set this year's target for economic growth at about 7.5 percent, a goal that we will have to work hard to attain," reads the report.
China's economic growth eased further to a 13-year low of 7.8 percent in 2012, from 9.2 percent recorded in 2011 and 10.3 percent in 2010. The country's GDP stood at 51.9 trillion yuan (about 8.3 trillion U.S. dollars) last year.
In 2011, the government announced it targeted an average of 7 percent annual GDP growth in the years of 2011-2015, or the country's 12th Five-Year Plan period.
"We must maintain a proper level of economic growth in order to provide necessary conditions for creating jobs and improving people's wellbeing and to create a stable environment for changing the growth model and restructure the economy. We must ensure that economic growth is in accord with the potential economic growth rate," says the report.
The maintaining of a relatively slower growth target aims to guide all the people to shift the focus of their work to accelerating the change of the growth model, restructuring the economy and improving the quality and performance of economic growth, so as to promote sustained and healthy economic development, according to the report.
The Chinese government also decides to rein in inflation more decisively by lowering the control target of this year's consumer price index (CPI) increase to around 3.5 percent, compared with 4 percent targeted last year.
The government cooled down the inflation rate to 2.6 percent year-on-year in 2012. The inflation rate eased further to 2 percent in January this year.
To achieve the targeted goals in GDP and CPI, the Chinese government vows in the report to continue a "proactive fiscal policy and a prudent monetary policy", maintain continuity and stability of policies, and make them more forward-looking, targeted and flexible.
China to continue "proactive fiscal, prudent monetary" policy
BEIJING, March 5 (Xinhua) -- China will maintain a proactive fiscal policy and a prudent monetary policy in 2013, as well as expand the economy by 7.5 percent, Premier Wen Jiabao said while delivering his last government work report at the parliament's annual session Tuesday.
The Chinese government has maintained the policies since 2011, as well as vowed to maintain their continuity and stability and make them more forward-looking, targeted and flexible. Full story
China to increase 2013 deficit to 1.2 trillion yuan
BEIJING, March 5 (Xinhua) -- The Chinese government is projecting a fiscal deficit of 1.2 trillion yuan (191 billion U.S. dollars) for 2013, 400 billion yuan more than the budgeted figure last year, according to a government work report delivered to the national legislature on Tuesday.
The deficit consists of a central government deficit of 850 billion yuan and 350 billion yuan in bonds to be issued on behalf of local governments, the report said. Full story
China lowers 2013 inflation target to 3.5 percent
BEIJING, March 5 (Xinhua) -- China aims to hold this year's consumer price growth to around 3.5 percent, 0.5 percentage point lower than the inflation target set for 2012, Premier Wen Jiabao said in a government work report Tuesday.
"China is still under considerable inflationary pressure this year, and maintaining basic stability of overall prices has always been an important macro-control target," Wen said at the opening of the First Session of the 12th National People's Congress (NPC), the country's top legislature. Full story
China aims 8-pct increase in foreign trade in 2013
BEIJING, March 5 (Xinhua) -- China will strive to increase its total foreign trade volume by around 8 percent amid slow recovery in the world economy and rising trade protectionism, and work to improve its balance of payments, according to a report submitted to the country's top legislature on Tuesday.
The targeted foreign trade growth for the world's second-largest economy is higher than last year's real growth but lower than 10-percent target in 2012. Full story
China to further "stimulate" private investment: report
BEIJING, March 5 (Xinhua) -- China will further relax controls over market access for nongovernmental investment and stimulate it, according to a government work report to be reviewed by the annual legislative session.
"In the current stage, the role investment plays in promoting economic growth can not be underestimated, and the share of the governmental investment is decreasing," the report said. Full story