China on Monday set its growth target for 2012 at a lower-than-expected 7.5 per cent, in an indication that its focus during a crucial transition year would be on maintaining stability and achieving more balanced growth.
Premier Wen Jiabao told the opening session of the National People’s Congress (NPC), the Chinese Parliament, that the government would place an emphasis on “making progress while maintaining stability”, looking to address the dual challenges of transforming the economy as well as “social conflicts” rather than focus merely on high growth.
The 7.5 per cent target is the first in eight years that has fallen below 8 per cent, long seen by Chinese officials as the minimum level of growth needed to maintain internal stability.. The Chinese economy does, usually, exceed the annual targets set by the government, and is expected to surpass the 8 per cent figure this year as well. The economy grew by 9.2 per cent in 2011, down from 10.4 per cent in 2010.
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