"China is still under considerable inflationary pressure discount designer handbags this year, and maintaining basic stability of overall prices has always been an important macro-control target," Wen said at the opening of the First Session of the 12th National People's Congress (NPC), the country's top legislature. Full story China aims 8-pct increase in foreign trade in 2013 BEIJING, March 5 (Xinhua) -- China will strive to increase its total foreign trade volume by around 8 percent amid slow recovery in the world economy and rising trade protectionism, and work to improve its balance of payments, according to a report submitted to the country's top legislature on Tuesday. RAPID GROWTH OVER? Some analysts fear that rapid growth will no longer be possible for China due to domestic and external uncertainties. The Chinese economy has expanded bygucci outlet uk an average of 9.3 percent annually over the past five years. But Fan Gang, an economist and former advisor to China's central bank, said it is too early to come to that conclusion. "China is far from saying goodbye to rapid growth, but rapid growth is not necessarily equivalent to overheated growth or two-digit growth highlighted by soaring inflation and asset bubbles," Fan said. An ideal growth rate for China would be around 8 percent, said Fan, who once served as an economic advisor to China's Cabinet. "From this perspective, I see no problem for China to maintain rapid growth for another 20 or 30 years," said Fan. Wang Yiming, deputy director of the cheap designer handbags Macroeconomic Research Institute under the National Development and Reform Commission, said China's potential economic growth rate has dropped to between 7 and 8 percent. "Therefore, the 7.5-percent target this year is in accordance with the potential rate," Wang said. As promised by the Communist Party of China last autumn, China will double its GDP in 2020 in comparison to 2010, which will require the country to keep an average annual growth rate of 7.2 percent during the period. LOWER INFLATION GOAL The government has also decided to rein in inflation more decisively by lowering the control target for this year's consumer price index (CPI) increase to around 3.5 percent, compared with 4 percent targeted last year. "China is still under considerable inflationary pressure gucci handbags outlet this year and maintaining price stability has always been an important macroeconomic control target," Wen said. Apart from upward pressure on the prices of land, labor, agricultural products and services, China is facing imported inflationary pressure resulting from quantitative easing policies in major developed countries, he noted. The inflation control target is intended to leave room for adjusting the prices of energy and resources after taking into account the carry-over effect of consumer price rises in 2012, which will contribute about one percentage point to this year's inflation rate. The government cooled the inflation rate to 2.6 percent year on year in 2012 from 5.4 percent in 2011. The rate eased further to 2 percent in January. To achieve its targets, the government cheap hermes bags has vowed to maintain a proactive fiscal policy and a prudent monetary policy this year. HIGHER LOCAL GOALS Compared with the conservative forecast by the central government, almost all local governments except Shanghai were more aggressive in setting much higher GDP targets in advance. Of all 31 provinces, autonomous regions and municipalities on the Chinese mainland, 11 local governments, mainly from central and western regions, aim to boost their local economies by 12 percent or above, while 13 local governments have set their growth targets at 10 percent. The provincial government of southwest China's Guizhou Province is aiming gucci messenger bag for an ambitious growth rate of 14 to 16 percent. "We still facing an arduous mission to develop, particularly for an underdeveloped region like Guizhou," said Long Changchun, chief of the province's Qianxinan prefecture. The central government raised its official poverty line by 92 percent to 2,300 yuan in per capital annual income in rural areas in 2011, defining a number equivalent to the population of Japan as poor in China and creating pressure for local authorities to build the world's most populous nation into a relatively prosperous one by 2020. The municipal government of Shanghai was the only local government to fix its GDP hermes birkin growth target at the same 7.5-percent level, while the provincial government of Guangdong, China's top economic powerhouse, further scaled down its 2013 growth target to 8 percent from 8.5 percent last year.

Posted by: chenfeiaa at 02:10 AM | No Comments | Add Comment
Post contains 754 words, total size 5 kb.