"Painstaking efforts" still required to meet China economic growth target
A senior official said today that "painstaking efforts" are required to meet China's economic growth target of 7.5 percent in the face of harsh external conditions.
China announced on Monday that it would lower its GDP growth target to 7.5 percent this year after projecting it would be around 8 percent for seven consecutive years.
Despite this, the rate of growth would be envied by most major economies hovering around nil to two per cent annual growth.
The lowered target will better reflect economic trends both at home and abroad, Li Pumin, a spokesman for the National Development and Reform Commission, China's top economic planning agency.
"It will help steer local governments to put more emphasis on economic restructuring and transformation and encourage them to enhance quality and efficiency in the process," Li said.
"The lowered target will also help ease restraints on resources and environment."
Meanwhile, Li said that China will further raise the minimum wage standards and pensions this year to boost domestic demand.
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