China sets its GDP growth target at 7.5 percent this year, down from 8 percent in 2011, according to a government work report to be delivered by Premier Wen Jiabao at the 11th National People's Congress annual session Monday.
This is the first time for the Chinese government to lower its economic growth target after keeping it around 8 percent for seven consecutive years.
Previously, China had announced it would target GDP growth of 7 percent from 2011 to 2015, the country's 12th Five-Year Plan period.
China will continue to follow a proactive fiscal policy and a prudent monetary policy, carry out "timely and appropriate anticipatory adjustments and fine-tuning", and make its policies "more targeted, flexible, and anticipatory", Premier Wen said in the report.
The government will take further steps to adjust taxes for high-income groups, and strictly standardize the supervision of pay and bonuses for senior managers in state-owned enterprises and financial institutions.
"We will quickly reverse the trend of a widening income gap," Premier Wen said in the report.
"We will place farmland under strict protection, and formulate and promulgate regulations concerning compensation for the expropriation of rural collective land," said Premier Wen.
Old-age pension scheme
"By the end of the year, we will have achieved full coverage of the new old-age pension system for rural residents and the old-age pension system for non-working urban residents," Premier Wen said at the meeting.
(China.org.cn March 6, 2012)