Shares dip after cut to GDP growth goal
By Hu Xiaocen |
March 6, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks snapped out of its seven-week winning streak yesterday and dipped on news that China will cut its economic growth target to the lowest since 2004.
The Shanghai Composite Index shed 0.64 percent to end at 2,445 points.
In a speech at the annual session of the National People's Congress yesterday, Premier Wen Jiabao said the government is eying a 7.5 percent growth target for the gross domestic product this year - the first time in eight years that it has been set below 8 percent. The target inflation rate will be kept at about 4 percent, the same as last year.
"The lower growth rate was set to fit in with the 12th Five-Year (2011-2015) Plan and to accelerate the transformation of the development pattern," Wen said.
Zhang Ping, director of the National Development and Reform Commission, the top economic planning agency, said yesterday: "Facing current economic complication, a lot of hard work is still required in order to achieve the 7.5 percent goal, although the target's been lowered 1.7 percentage points from last year's actual figure."
Wen also vowed the government will build more affordable housing even as it keeps its control over the property market.
Poly Real Estate slid 1.12 percent to 11.50 yuan (US$1.82).
Energy producers also fell as the growth in the world's second-biggest economy slows.
China Petroleum and Chemical Corp, also known as Sinopec, lost 1.05 percent to 7.57 yuan.
The Shanghai Composite Index shed 0.64 percent to end at 2,445 points.
In a speech at the annual session of the National People's Congress yesterday, Premier Wen Jiabao said the government is eying a 7.5 percent growth target for the gross domestic product this year - the first time in eight years that it has been set below 8 percent. The target inflation rate will be kept at about 4 percent, the same as last year.
"The lower growth rate was set to fit in with the 12th Five-Year (2011-2015) Plan and to accelerate the transformation of the development pattern," Wen said.
Zhang Ping, director of the National Development and Reform Commission, the top economic planning agency, said yesterday: "Facing current economic complication, a lot of hard work is still required in order to achieve the 7.5 percent goal, although the target's been lowered 1.7 percentage points from last year's actual figure."
Wen also vowed the government will build more affordable housing even as it keeps its control over the property market.
Poly Real Estate slid 1.12 percent to 11.50 yuan (US$1.82).
Energy producers also fell as the growth in the world's second-biggest economy slows.
China Petroleum and Chemical Corp, also known as Sinopec, lost 1.05 percent to 7.57 yuan.
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