China keeps growth target at 7.5%

china

 

Beijing, China, March 5th, 2014.– China aims to grow its economy by about 7.5% in 2014 and to keep consumer inflation around 3.5% for the year, Premier Li Keqiang said this Wednesday as the country began its annual meeting of parliament, the National People’s Congress.

 

The annual growth target was the same as in 2013 – as expected by most analysts.

 

The government will keep annual growth in broad M2 money supply at about 13%, Li said in his first work report since taking office a year ago. Li also said China would have a 2014 fiscal deficit of 2.1% of gross domestic product.

 

The government plans for a 15.3 trillion yuan ($2.5 trillion) budget in 2014, which would produce a deficit of about 2.1% of GDP, unchanged from the actual shortfall in 2013, the finance ministry said.

 

Wednesday’s announcements signal that it is well on track, but moving cautiously.

 

The country’s top economic planning agency said in a report to parliament that the government will target 17.5% annual growth in fixed-asset investment and 14.5 percent in retail sales growth in 2014.

 

The world’s second-largest economy grew 7.7%in 2013, steady from the previous year and fractionally above market expectations of 7.6%, which would have been the slowest since 1999.

 

Mexican Business Web via Reuters

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