China 'on target for 7.5% growth'
Source: Xinhua |
November 11, 2012, Sunday
|
Print Edition
Print Edition
THE Chinese government is confident of achieving the 7.5 percent economic growth target this year, despite the current slowdown, the head of China's top economic planner said yesterday.
"We have full confidence in that, as the economy is showing more signs of stabilizing," Zhang Ping, head of the National Development and Reform Commission (NDRC), told a press conference on the sidelines of the 18th National Congress of the Communist Party of China, which opened Thursday.
Zhang said his faith in the economy lies in an economic curve that has been moving upward, particularly last month.
His remarks echoed a new wave of positive official comments which reassured investors about the prospects of the world's second-largest economy, after its gross domestic product (GDP) growth slowed to 7.4 percent year on year in the third quarter.
The Chinese government scaled down its GDP growth target to 7.5 percent for 2012 early this year, the first time in eight years China had planned an economic growth below 8 percent.
An economic slowdown between July and September marked a downturn for seven straight quarters and the slowest expansion in 14 quarters.
Zhang said the slowdown in the first nine months is due to factors such as the macroeconomic control by the government to restructure the economy and shrinking external demand amid lingering sovereign debt crisis in developed countries.
He noted that it's necessary for China to maintain an appropriate pace of economic growth, given its population of 1.3 billion.
While keeping macroeconomic policies stable, the government has launched preemptive fine-tuning of policies and adopted targeted measures to stabilize the economy, Zhang said.
Latest indicators on industrial output growth, retail sales and exports showed those measures have helped stabilize and improve the economy, he said.
Industrial added-value output growth accelerated to 9.6 percent year on year in October, from 9.2 percent in September and 8.6 percent in August. Retail sales of consumer goods rose 14.5 percent from a year ago in October, compared with 14.1 percent in September and 13.2 percent in August, according to the NDRC.
"We have full confidence in that, as the economy is showing more signs of stabilizing," Zhang Ping, head of the National Development and Reform Commission (NDRC), told a press conference on the sidelines of the 18th National Congress of the Communist Party of China, which opened Thursday.
Zhang said his faith in the economy lies in an economic curve that has been moving upward, particularly last month.
His remarks echoed a new wave of positive official comments which reassured investors about the prospects of the world's second-largest economy, after its gross domestic product (GDP) growth slowed to 7.4 percent year on year in the third quarter.
The Chinese government scaled down its GDP growth target to 7.5 percent for 2012 early this year, the first time in eight years China had planned an economic growth below 8 percent.
An economic slowdown between July and September marked a downturn for seven straight quarters and the slowest expansion in 14 quarters.
Zhang said the slowdown in the first nine months is due to factors such as the macroeconomic control by the government to restructure the economy and shrinking external demand amid lingering sovereign debt crisis in developed countries.
He noted that it's necessary for China to maintain an appropriate pace of economic growth, given its population of 1.3 billion.
While keeping macroeconomic policies stable, the government has launched preemptive fine-tuning of policies and adopted targeted measures to stabilize the economy, Zhang said.
Latest indicators on industrial output growth, retail sales and exports showed those measures have helped stabilize and improve the economy, he said.
Industrial added-value output growth accelerated to 9.6 percent year on year in October, from 9.2 percent in September and 8.6 percent in August. Retail sales of consumer goods rose 14.5 percent from a year ago in October, compared with 14.1 percent in September and 13.2 percent in August, according to the NDRC.
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