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The Chinese government sent a clear message Thursday that it
will abandon its pursuit of a high growth rate of GDP this year to
focus instead on improving the quality of economic growth.
Premier Wen Jiabao said in his Government Report this morning
that the target growth rate this year was around 7 percent, which
is remarkably lower than the actual economic growth of 9.1 percent
last year.
Yao Jingyuan, chief economist of the National Bureau of
Statistics (NBS), said the premier sent a clear signal that from
now on, realizing inclusive, balanced and sustainable growth will
be the priority of government officials at all levels.
According to NBS estimates, China will be able to achieve the
goal of doubling its gross domestic product (GDP) from 2001 to 2020
by maintaining an annual growth of 7.18 percent.
Therefore, the central government's decision to lower the
expectation of growth would greatly relieve the burden on local
governments, Yao said. Over the past years, local officials usually
set higher goals than the national growth for fear of being left
behind.
Premier Wen said the 7 percent target encouraged all sides to
focus on deepening reform, adjusting the economic structure and
improving the quality and efficiency of economic growth and to
devote more financial and material resources to promoting social
development and strengthening weak links,
Wen said the central government had taken into consideration
both the need for continuity in macro-control and the relationship
between the pace of economic growth and the conditions for its
attainment, including supply and demand in energy, important raw
and processed materials, and transport capacity. The government had
also taken into account the need to alleviate the pressure on
resources and the environment.
Yao said as a result of improved economic efficiency, the total
yield of the economy would continue to grow even if this year's
growth rate was slightly lower than last year.
He said the Chinese government would focus more attention on
improving the well being of the people, which could not be fully
reflected in GDP growth. The government faced an even harder job in
carrying out the people-oriented economic policy.
(Xinhua News Agency March 6, 2004)
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