For more news and videos visit ☛ http://english.ntdtv.com
Follow us on Twitter ☛ http://twitter.com/NTDTelevision
Add us on Facebook ☛ http://on.fb.me/s5KV2C
In his speech on the opening day of China's National Peoples' Congress, Premier Wen Jiabao announced an annual GDP growth target of seven point five percent as well as other economic goals for 2012. The GDP target is lower than last year's, reflecting the state of the global economy and the need for economic restructuring in China.
On the opening day of China's National People's Congress, Premier Wen Jiabao unveiled a GDP growth target for 2012 of seven point five percent. China has enjoyed annual GDP growth of over 8 percent since 1999. This is the first downward adjustment of targeted GDP growth in 8-years.
In addition, Wen unveiled plans to create more than nine million new jobs, to keep unemployment below four point six percent, hold inflation at four percent and increase exports and imports by ten percent.
Wen kept the mood of the speech optimistic, unveiling his plans to achieve those targets.
[Wen Jiabao, Chinese Premier]:
"We will strive to maintain steady growth of China's economic and trade relations with developed countries and comprehensively deepen mutually beneficial cooperation with developing countries. We will continue to promote development of free trade zones and regional economic integration."
Yet the current global economic climate and China's need to rebalance its domestic economy pose considerable challenges.
[Qi Yanchen, Economist]:
"For example, because of negative growth in the property market in China's largest cities, if you just looked at the real estate market as an indicator of China's economic state, the economy would be going downhill. Second, everyone wants to increase domestic demand while passing through this economic tuning point, but this will bring up is the issue of inequality in society. Thirdly, because Europe is China's biggest export market,