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China cuts output growth targets for coal, power
By Richard Fu |
March 5, 2012, Monday
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Online Edition
Online Edition
CHINA is targeting slower coal and power output growth and flat oil production this year as the government tries to steer its economy towards a soft landing.
The National Development and Reform Commission, China's top planning body, said raw coal output is expected to rise 3.7 percent to 3.65 billion tons this year, according to a work report issued today at the annual session of the National People's Congress.
The target was sharply below last year's growth of 8.7 percent and is in part a result of government efforts to close inefficient small mines.
Premier Wen Jiabao today cut China's economic growth target for 2012 to 7.5 percent from 8 percent, as policy makers seek more balanced and sustainable development at the expense of slower growth.
The NDRC report also said China's power output is expected to rise 7.5 percent this year after double-digit growth in the past years. The nation aims to maintain crude oil production unchanged at last year's level, it said.
The commission also reiterated its pledge to deepen price reforms in energy products this year to better reflect the scarcity, as well as the supply and demand, of resources.
The National Development and Reform Commission, China's top planning body, said raw coal output is expected to rise 3.7 percent to 3.65 billion tons this year, according to a work report issued today at the annual session of the National People's Congress.
The target was sharply below last year's growth of 8.7 percent and is in part a result of government efforts to close inefficient small mines.
Premier Wen Jiabao today cut China's economic growth target for 2012 to 7.5 percent from 8 percent, as policy makers seek more balanced and sustainable development at the expense of slower growth.
The NDRC report also said China's power output is expected to rise 7.5 percent this year after double-digit growth in the past years. The nation aims to maintain crude oil production unchanged at last year's level, it said.
The commission also reiterated its pledge to deepen price reforms in energy products this year to better reflect the scarcity, as well as the supply and demand, of resources.
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