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China Will Hit 7.5% Goal for GDP Expansion
Source: shanghaidaily.com
Source Date: Thursday, November 29, 2012
Focus: Citizen Engagement
Country: China
Created: Dec 04, 2012

CHINA is confident of meeting its economic growth target of 7.5 percent this year, Commerce Minister Chen Deming said yesterday.

"China's gross domestic product will certainly expand more than 7.5 percent this year," Chen told an annual forum held by Caijing Magazine in Beijing. "China's broad macroeconomic policy of stabilizing growth and accelerating restructuring will help it achieve the target.''

In the first three quarters, China's GDP grew 7.7 percent from a year earlier to 35.3 trillion yuan (US$5.6 trillion), compared with last year's expansion of 9.3 percent.

In the third quarter, its economy gained 7.4 percent, the slowest in over three years. But the economy did better than expected in September and October, giving a boost for a modest recovery. Some analysts forecast the GDP to grow 7.8 percent in the last quarter.

Chen's remark echoed those of Zhang Ping, head of the National Development and Reform Commission, and analysts who said China has overcome the worst economic slump after a seven-quarter slowdown.

On Tuesday, Zhang said at a forum in India that China should grow over 7.5 percent this year, and keep inflation within 3 percent.

But Zhang also cautioned that China's foreign trade may miss the 10-percent growth target this year amid the still weak global demand.
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