China Lowers GDP Growth Expectations
China has set the goal for its economic growth very low compared to what it has been in the past decade - only 7.5% improvement in gross domestic product. The central government of the People's Republic also stated it wants to drive consumer spending. For years this has been at the core of U.S. GDP expansion.
Among addition efforts, CNN Money reports:
Here are the government's stated goals for 2013:
- Gross domestic product growth of 7.5%.
- Consumer Price Index (CPI) target of 3.5%.
- A projected deficit of 1.2 trillion yuan ($190.48 billion), 400 billion more than last year and a total of 2% of GDP.
- Add more than 9 million urban jobs.
- Keep the registered urban unemployment rate at or below 4.6%.
- The government will work to ensure that real per capita income for urban and rural residents increases in step with economic growth.
- China will continue to implement a proactive fiscal policy. The government will give priority to education, medical and health care and social security.
- China will continue to implement a prudent monetary policy. The target for growth of the broad money supply (M2) is about 13%.
Filed under: 24/7 Wall St. Wire, China, Economy, International Markets