BEIJING, March 5 (Xinhua) -- The Chinese government announced Tuesday that its GDP growth target will remain around 7.5 percent this year to leave room for economic restructuring.
The target is intended to help create jobs and improve people's well-being, Premier Wen Jiabao said while delivering his last government work report to the opening session of 12th National People's Congress (NPC), China's top legislature.
This marks the second consecutive year for the world's second-largest economy to target 7.5-percent growth. In 2012, the government cut its growth forecast from 8 percent for the first time in eight years.
Wen warned of the profound and persisting impact of the global financial crisis, as well as the unstable recovery of the world economy, as major threats to China's economic growth.
However, the premier cited the considerably increased capacity of China's manufacturing industry, significantly improved infrastructure, a high savings rate and a large workforce as favorable factors that will sustain development.
"In light of comprehensive considerations, we deem it necessary and appropriate to set this year's target for economic growth at 7.5 percent, a goal that we will have to work hard to attain," Wen told nearly 3,000 national legislators attending the NPC session.
"We must maintain a proper level of economic growth in order to provide necessary conditions for creating jobs and improving people's well-being. We must ensure that economic growth is in accordance with the potential economic growth rate," Wen said.
China's economic growth eased further to a 13-year low of 7.8 percent in 2012 from 9.3 percent in 2011 and 10.3 percent in 2010. The country's GDP stood at 51.9 trillion yuan (about 8.3 trillion U.S. dollars) last year.
Earlier in 2011, the government announced that it would target annual GDP growth of 7 percent from 2011 to 2015.
Maintaining a slower growth target is intended to shift the government's focus toward accelerating the change of China's growth model restructuring the economy and improving the quality and performance of economic growth so as to promote sustained and healthy economic development, the premier noted.
BEIJING, March 5 (Xinhua) -- The Ministry of Finance, on behalf of the State Council, on Tuesday submitted a report on the implementation of 2012 central and local budgets and on the draft budgets for 2013 to the first session of the 12th National People's Congress, China's top legislature.
The following are some facts and figures from the report.
-- Combining central and local budgets, national revenue will amount to 12.663 trillion yuan in 2013, up 8 percent from the previous year. Total expenditure will reach 13.963 trillion yuan, leaving a budget deficit of 1.2 trillion yuan, equivalent to about 2 percent of the gross domestic product and up 400 billion yuan from last year.
-- The 2013 central budget allocates 720.168 billion yuan for national defense, up 10.7 percent from the previous year.
-- The appropriation for education in central budget is 413.245 billion yuan, up 9.3 percent.
-- The appropriation for science and technology in the central budget is 252.991 billion yuan, up 10.4 percent.
-- The appropriation for culture, sports, and media in the central budget is 54.054 billion yuan, up 9.3 percent.
-- The appropriation for medical and health care in the central budget is 260.253 billion yuan, up 27.1 percent.
-- The appropriation for social security and employment in the central budget is 655.081 billion yuan, up 13.9 percent.
-- The appropriation for guaranteeing adequate housing in the central budget is 222.991 billion yuan, up 5.3 percent from the budgeted figure and down 14.3 percent from the actual figure of last year.
-- The appropriation for agriculture, forestry, and water conservancy in the central budget is 619.588 billion yuan, up 12.8 percent from last year's budgeted figure and up 3.3 percent from last year's actual figure.
-- The appropriation for public security is 202.937 billion yuan, up 7.9 percent.
-- Receipts of central government-managed funds will reach 361.913 billion yuan in 2013, up 9.2 percent. Outlays of central gov
-- Receipts of central government-managed funds will reach 361.913 billion yuan in 2013, up 9.2 percent. Outlays of central government-managed funds will be 440.015 billion yuan, up 31.2 percent.
-- Combining central and local budgets, nationwide revenue of social insurance funds will be 3.282878 trillion yuan, up 9.9 percent from the estimated figure for 2012. Expenditure of social insurance funds will total 2.791331 trillion yuan nationwide, up 16.8 percent from the estimated figure for 2012. The budget surplus is 491.547 billion yuan. The year-end balance is projected to be 4.09431 trillion yuan once the balance from 2012 has been rolled over.
Agreed. There was also an initiative for fiscal stimulus. At the same time that they are boosting down payment requirements for housing in cities where housing inflation is again picking up, they are also providing financing to subsidize millions of low-income housing units.