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China eyes 9.5% growth in industrial output in 2014
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China is targeting 9.5 percent growth in industrial output in 2014, slightly below last year’s level, as the government focuses more on quality of expansion.
Still, the production goal, unveiled by the Ministry of Industry and Information Technology yesterday, signaled China may retain its 7.5 percent gross domestic product growth target for this year amid a rebalancing of its economy.
“We hope local governments and enterprises could shift more focus of their work to transformation and upgrading, structural adjustment, and improving quality and efficiency,” Mao Weiming, vice minister of the MIIT, told a press conference.
China’s factory output grew 9.7 percent last year, compared with a target of 10 percent, while the country’s economy expanded 7.7 percent, ahead of the official target of 7.5 percent.
Mao was upbeat about the outlook for China’s industrial sector this year as he cited several “favorable conditions” such as firmer exports, global recovery led by developed nations, and the country’s urbanization. Official data showed last week that China’s exports rose ahead of expectations in January.
The industrial sector has begun to stabilize from the second half of last year after output growth slowed each month in the first half of last year.
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