China’s economic growth target is set at 7.5per cent

Wen Jiabao has delivered plans for China’s economic growth target to be 7.5per cent

16:28 05 March 2013

The Premier of the People’s Republic of China Wen Jiabao has laid out a reform plan for 2013 for China’s economic growth, on Tuesday, 5th March. The growth target is set at 7.5per cent, similar to that achieved in 2012.

China looks towards an expansion plan by keeping the pace consistent when it comes to its economy.

 

Mr. Wen, who spoke in front of an assembly at a yearly meeting, said: “We deem it necessary and appropriate to set this year's target for economic growth at about 7.5%, a goal that we will have to work hard to attain.”

 

Figures for last year are reported as being 7.8per cent for the country’s economic growth, which is believed to be the most disappointing result in over a decade. China has witnessed a decline in its economy’s expansion in recent years.

 

One reason for this could be because China also relies on other countries when it comes to trading, and so if other economies are slow the demand for China’s products will be lower.

 

The country’s economy is ranked number two in the world. Wen Jiabao, who heads China’s Government and leads its cabinet, is the sixth appointed Premier.

 

China is known to have a population of at least 1.3billion. It is situated in East Asia, sharing its borders to the north with Mongolia, and to the south Myanmar (Burma).