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NDRC announces GDP growth target for 2012

0 Comment(s)Print E-mail CNTV, March 6, 2012
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With world economies still reeling from the global financial downturn, GDP growth is a key indicator for all countries to judge their performance. And China is no exception. On the first day of the National People's Congress, the National Development and Reform Commission has held a press conference, giving the audience what they came to hear, 2012's GDP growth target.

Controlling the fall. China's economy grew 9.2 percent over the past year. But it was hard not to notice the growth rate slowing in the later half of the year. Mr. Zhang Ping, Minister of the National Development and Reform Commission, or the NDRC, presented his analysis at a press conference at the opening of the NPC session.

NDRC minister Zhang Ping said: "I think we should see the 9.2 percent figure in two aspects. China's GDP target in 2011 was 8 percent and we achieved 9.2 percent, which means 1.2 percent higher than the goal. But compared to 2010's figure, 10.4 percent, there was a 1.2-percent decline."

Zhang said the 9.2 percent growth rate is still within a relatively fast-growing range. That is also a result of government control. He expressed the belief that this slowdown could offer China more space to ease the conflict between supply and demand, the constraint between environmental protection and the need for resources, and the pressure of inflation. Meanwhile, China could pay more attention to transforming its economic model, adjust the economic structure and improve the quality and effectiveness of the economy.

Echoing Premier Wen's work report in the morning, Zhang Ping emphasized that China set this year's GDP target at 7.5 percent to line up with the current economic tendency

Zhang said: "This year's target is 7.5 percent, or close to that, to better link it to the target of the 12th five-year plan. That target is aligned to China's reality and the requirement of scientific development perspectives. Moreover, it needs collaborative efforts nationwide to make it real."


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