China to aim for 7.5pc growth next year

BEIJING — China will likely stick with this year’s growth target of 7.5 per cent for 2014 as top leaders balance the need to keep the economy on an even keel while pushing through necessary structural reforms, sources at top government think tanks said.
Growth will be supported by a steady recovery in China’s exports next year thanks to stronger demand from developed economies, the commerce ministry’s think tank said.
The 2014 growth target was endorsed at the annual Central Economic Work Conference earlier this month, when top leaders pledged to maintain policy stability and reasonable economic growth at the closed-door meeting.
Prior to the December 10-13 meeting, some top think tanks, including the State Information Centre and the Chinese Academy of Social Sciences, had proposed to lower next year’s growth target to 7 per cent to create more room for reforms and discourage local governments from pursuing high growth rates.
Top leaders believe that maintaining the 7.5 per cent target will help keep growth humming to create more jobs, while providing wiggle room to deepen reforms, government economists involved in the discussions about the plans said. — AFP