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China projects 8% growth in 2010

Posted by Junichi Kawagoe on 05.2010 News Out of English Newspaper   0 comments   0 trackback
China has sets its economic growth target for this year at around 8 percent.

Premier Wen Jiabao made the announcement when he outlined policies for the year in an annual report to China's parliament, the National People's Congress, which opened on Friday.

Wen said China promises to continue its active financial policies and keep up its strong growth, while aiming to hold urban unemployment below 4.6 percent to maintain social stability.

He said rural areas have great potential for development and added that the government plans to raise farmers' incomes and expand their spending by helping them find jobs and start businesses.

Wen also emphasized the government's determination to curb soaring house prices in response to growing concerns over a real-estate bubble.

He expressed the government's wariness about an overheating of the economy and inflation, saying that it will hold consumer price increases this year to around 3 percent.

Wen said China is facing a complicated situation for its economic management policies, with overproduction and high unemployment at home.

He said the foundation for a global economic recovery remains fragile, and that governments are facing tough decisions on whether or not to end their economic stimulus measures.

2010/03/05 19:53(JST)
(JST: UTC+9hrs.)
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