China Said to Set Growth Target at 7.5% for Second Year |
| Bloomberg - Dec 18, 2012 |
China has set its initial target for economic growth at 7.5 percent for a second year and tightened its inflation goal to the lowest level since 2010, two bank executives and a regulatory official briefed on the matter said.
Policy makers said during the annual central economic work conference that ended on Dec. 16 that they aim to keep inflation at about 3.5 percent, they said, asking not to be named as they aren’t authorized to disclose the details. The government didn’t set targets for money supply or new loans at the meetings, the three bank executives said.
Chinese officials are signaling tolerance for a slower pace of growth than the average of more than 10 percent for the past decade as the nation seeks to shift to a consumer-driven economy. China will seek a higher “quality and efficiency” of growth next year, the official Xinhua News Agency reported after the leaders’ meeting.
“A 7 percent growth target would have given a stronger signal that the government wants to focus more on quality and structural change,” said Wang Tao, chief China economist at UBS AG in Hong Kong. “However, given that the economy is already in a cyclical upswing, a 7 percent target would mean policy tightening, so 7.5 percent is more neutral and realistic.”
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- Posted: 2012-12-18 15:15:53
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