China targets 7.5 percent economic growth for 2014: govt

Breaking News March 05, 2014 00:00

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BEIJING - China said on Wednesday it was targeting economic growth this year of "around 7.5 percent", keeping the closely-watched marker at the same estimate as last year.

The announcement of the target came in a speech to be delivered by Premier Li Keqiang to the annual session of the National People's Congress, China's rubberstamp legislature.

The world's second-largest economy grew 7.7 percent in 2013.

Rising prosperity is a key part of the Communist Party's claim to legitimacy in China, and the government usually sets a conservative growth target that it regularly exceeds.

"We must keep economic development as the central task and maintain a proper growth rate," Li said, according to the text of his speech.

"On the basis of careful comparison and repeatedly weighing various factors as well as considering what is needed and what is possible, we set a growth target of around 7.5 percent."

Li also said the government would keep the consumer price index (CPI) target at about 3.5 percent, the same as last year's.


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