China pledges stable growth, deepening reform
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Chinese Premier Li Keqiang delivers the government work report during the opening meeting of the second session of the 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 5, 2014.[China.org.cn] |
China keeps its economic growth target unchanged at 7.5 percent this year as the government looks to achieve stable growth while driving through reforms for a more balanced model.
"On the basis of careful comparison and repeatedly weighing various factors as well as considering what is needed and what is possible, we set a growth target of around 7.5 percent," said the government work report delivered by Premier Li Keqiang at the parliament's annual session Wednesday.
The target is the same as last year's and slightly lower than the 7.7-percent actual growth in 2013.
Other key economic goals, such as consumer price index (CPI) and unemployment rate, remain generally the same as those of last year.
A set of data pointed to softening manufacturing activity in recent months and renewed concerns on the growth outlook of the world's second largest economy.
Describing the economy as at a critical juncture where the paths upward is "particularly steep" amid challenges from at home and abroad, the premier stressed that China must keep economic development as the central task and maintain a "proper economic growth rate".
He reiterated that reform is the top priority for the government's work this year, four months after a key meeting last November outlined a wide-ranging reform package.
Li said the reform will focus on the most wanted areas, the most pressing problems and the sections having the biggest consensus.
"We must rely fully on the people, break mental shackles and vested interests with great determination," he told nearly 3,000 deputies to the Second Session of the 12th National People's Congress (NPC) in the Great Hall of the People in central Beijing.
Li described the situation China faces this year as "a complex environment" with both favorable and unfavorable factors.
Internationally, in addition to the unstable and uncertain global economic recovery, some countries' policy adjustments introduce new variables into the equation and emerging economies are facing new difficulties and challenges, he said.
Domestically, deep-seated problems are surfacing while painful adjustments need to be made, he said.
"The pace of economic growth is changing and downward pressure on the economy remains great," he said.
However, the premier held that China is able to maintain a moderate and even high economic growth for some time to come as industrialization and urbanization are continuing and there is considerable potential for regional development.
Li's report listed three principles for this year's work. Apart from deepening reform, the central government is to keep economic performance within a proper range and to raise the quality and returns of development, promote industrial upgrading and keep improving people's wellbeing.
To ensure the economy stay within a "proper range", the government promised to continue to implement a proactive fiscal policy and a prudent monetary policy.
It projected a budget deficit of 1.35 trillion yuan, an increase of 150 billion yuan over last year, and a 13-percent rise in broad money supply in 2014, while vowing to keep inflation at around 3.5 percent and create 10 million more urban jobs to ensure the registered urban unemployment rate does not rise above 4.6 percent.
Issues such as targeting corruption and the environment are also on the agenda at the National People's Congress.
Li said China will "declare war" against pollution and penalize crooked officials "without mercy" in accordance with the law.
(Xinhua contributed to the story.)
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