Economy

Not easy task to achieve high-quality, efficient 7% growth

(Xinhua)
Updated: 2011-03-14 14:51
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BEIJING - Chinese Premier Wen Jiabao said Monday that it is not easy to achieve a high-quality and efficient annual growth rate of seven percent during the 2011-2015 period.

Given China's increasingly large economic aggregate and the need to raise the quality and efficiency of its growth, "a seven-percent growth rate is not a low target," Wen told a press conference after the conclusion of the annual parliamentary session.

China lowers its annual economic growth target to seven percent for the period of 2011-2015 from the target of 7.5 percent for the previous five years, according to the new five-year program adopted by the top legislature.

"The lowering of the target not only demonstrates the government's determination but also indicates a major move to transform the country's economic growth pattern," Wen said.

"We should make full use of this opportunity to adjust the economic growth pattern and address the unbalanced, uncoordinated or unsustainable factors that have existed in China's economy for a long time," said Wen.

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He added that China must strike a balance between economic growth speed, job creation and inflation control.

"A fast growth speed would bring more jobs but lead to high inflationary pressure; A slower speed means fewer new jobs and risks of economic recession," the premier said.

With the economy expected to grow slower during the 2011-2015 period, the Chinese government will make every effort to cope with the rising employment pressure, Wen said.

"I think this poses a great test to the government, but we have the determination that we will ease the pressure successfully," Wen said.

The government must pay close attention to economic restructuring, and give priority to developing small and medium-sized enterprises, especially small hi-tech firms, and developing the service sector, including producer services, which would help create more jobs, said Wen.

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