China sets 7.5% economic growth target

By Wang Yanlin | March 5, 2014, Wednesday |

Online Edition

China's growth target was kept unchanged at 7.5 percent for 2014, but it will be driven more by domestic demand as various reforms are deepened to ensure sustainable economic development.

Premier Li Keqiang said in his first government report at the opening ceremony of the National People's Congress today in Beijing that China should stick to the principle of growing the economy, while ensuring that the pace of growth is reasonable.

"Development is the key to addressing all issues in China," Li said in the report. "After serious and repeated deliberation, we set the growth target at 7.5 percent to both stabilize market sentiment and accelerate economic restructuring."

Some other economic goals like the Consumer Price Index and unemployment rate remained generally the same as those of last year. But the trade target was decreased to 7.5 percent from 8 percent for 2013, indicating the country's intent to raise domestic demand.

"Increasing domestic demand will become the major force pushing the growth of China's economy," Li said. "It is an important step in economic restructuring... domestic consumption and investment will play a key role in generating new growth points."

Economy

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China sets 7.5% economic growth target

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