Wen: China to meet growth target
By Wang Yanlin |
October 18, 2012, Thursday
|
Print Edition
Print Edition
CHINA is confident of achieving the yearly growth target of 7.5 percent even though the country has encountered and may keep encountering difficulties this year, Premier Wen Jiabao said during meetings with industrial leaders to discuss economic conditions.
"China's economic growth has started to stabilize, and the country has witnessed positive changes with the economy running well in the third quarter," Wen said during the three-day discussions that ended on Monday, according to a government statement released yesterday.
"China's economy will continue to stabilize as supportive policies get further implemented," Wen said, stressing the government is confident of achieving the year's economic and social development goals through hard work and effort. China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, the slowest pace in three years. The third-quarter growth data are to be released today.
There have been signs of recovery. Last month, China's exports jumped 9.9 percent from a year earlier, a strong rebound that fed hopes of stabilizing external demand. Together with the accelerating imports, some economists projected China may achieve a soft landing in the fourth quarter.
Also, the official Purchasing Managers' Index, a comprehensive gauge of the operating conditions in the country's manufacturing sector, rose to 49.8 in September from 49.2 in August, recording the first improvement since May.
Wen said the country still faces considerable difficulties in the current quarter, and it should focus on the implementation of policies already announced to stabilize growth and accelerate economic restructuring.
"The key is to enhance our confidence," Wen said, adding China has the ability to address the risks. "There are indeed a lot of difficulties, but we should remember the harder it is, the more opportunities it provides."
Wen also said China will stick to the current restrictive policies for in the real estate market. It is for the sector's sustained development in the long term, Wen said, noting reasonable prices and good market order are a must.
For the steel industry, Wen said overcapacity remains the biggest problem, and industrial leaders should be determined to shed unnecessary production to seize the initiative.
"We did not roll out excessive stimulus this year. Many enterprises are powered by market forces to undertake industrial reform and restructuring," Wen said. He added the government is resolute about stabilizing the economy, and will keep on implementing the policies such as expansion of value-added taxes, acceleration of interest rate reform and wider involvement of private investment in the economy.
Industrial leaders and economists attended the meetings.
"China's economic growth has started to stabilize, and the country has witnessed positive changes with the economy running well in the third quarter," Wen said during the three-day discussions that ended on Monday, according to a government statement released yesterday.
"China's economy will continue to stabilize as supportive policies get further implemented," Wen said, stressing the government is confident of achieving the year's economic and social development goals through hard work and effort. China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, the slowest pace in three years. The third-quarter growth data are to be released today.
There have been signs of recovery. Last month, China's exports jumped 9.9 percent from a year earlier, a strong rebound that fed hopes of stabilizing external demand. Together with the accelerating imports, some economists projected China may achieve a soft landing in the fourth quarter.
Also, the official Purchasing Managers' Index, a comprehensive gauge of the operating conditions in the country's manufacturing sector, rose to 49.8 in September from 49.2 in August, recording the first improvement since May.
Wen said the country still faces considerable difficulties in the current quarter, and it should focus on the implementation of policies already announced to stabilize growth and accelerate economic restructuring.
"The key is to enhance our confidence," Wen said, adding China has the ability to address the risks. "There are indeed a lot of difficulties, but we should remember the harder it is, the more opportunities it provides."
Wen also said China will stick to the current restrictive policies for in the real estate market. It is for the sector's sustained development in the long term, Wen said, noting reasonable prices and good market order are a must.
For the steel industry, Wen said overcapacity remains the biggest problem, and industrial leaders should be determined to shed unnecessary production to seize the initiative.
"We did not roll out excessive stimulus this year. Many enterprises are powered by market forces to undertake industrial reform and restructuring," Wen said. He added the government is resolute about stabilizing the economy, and will keep on implementing the policies such as expansion of value-added taxes, acceleration of interest rate reform and wider involvement of private investment in the economy.
Industrial leaders and economists attended the meetings.
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