China sets 7.5% GDP growth, 3.5% inflation targets for 2013

05 March 2013 03:44  [Source: ICIS news]

SINGAPORE (ICIS)--China has officially maintained a 7.5% economic growth target for the second year, with plans to rein in consumer price inflation at around 3.5%, the country’s Premier Wen Jiabao said at the opening session of the 12th National People’s Congress (NPC) on Tuesday.

The economic targets this year will be achieved through adhering to a proactive fiscal policy and a prudent monetary policy amid uncertainty and instability in the global economic recovery, Wen said.

China’s 2012 economic growth was at a 13-year low of 7.8%, which represented a sharp deceleration from the 9.2% expansion recorded in 2011.

Inflation last year averaged 2.6% against the government’s 4% target.

The 12th NPC being held in Beijing will last up to 18 March.

By: Dolly Wu
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