英闻天下——563 Premier Promises Stable Growth, Better Wellbeing

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　　The Chinese premier¹ listed several issues in the development of the world's second largest economy.

 

　　They include the dilemma² between economic growth and environmental protection, the conflict between downward pressure and production overcapacity as well as the development gap between city and rural regions.

 

　　His report has set the country's annual economic growth target at 7.5 percent.

 

　　That is the same as last year but lower than the 8 percent target that dominated economic planning for decades.

 

　　NPC deputy, economist³ Gu Shengzu says it re-confirms that the central government will no longer push for growth at all costs.

 

　　"The growth target is achievable and honest. More importantly, it is not 'toxic⁴'. Like we've talked a lot this time ?C it is a 'green' growth target."

 

　　Managing Director of Shipston Group Winston Wang echoes this view, saying lowering the growth target is within expectation of not just economists⁵ but the wider population as well.

 

　　"The Chinese people as a nation are no longer relying on or looking at the GDP numbers as the highest priority. They care more, far more, about their immediate⁶ needs, like job opportunity, like quality of life, and slightly less about those macro things like GDP

 

　　Last year's report lowered the country's annual growth target for the first time since 2005.

 

　　The Chinese economy grew by 7.8 percent in 2012.

 

　　Wen Jiabao's work report has also put special emphasis on how to improve people's quality of life.

 

　　He says "some people still lead hard lives", and one way to change this, is by spending more.

 

　　The Chinese government is projecting a fiscal⁷ deficit⁸ of 1.2 trillion yuan - that's around 190 billion U.S. dollars for this year.

 

　　This is also 400 billion yuan more than last year.

 

　　And the government report promises the money will be spent to improve people's well-being⁹.

 

　　Winston Wang from the Shipston Group says it's the only way if the government really wants to tackle the issues.

 

　　"The government needs to keep certain level of growth, so that it can create job opportunities, to address the needs of the population. And we can't expect the export to stay at high-speed growth. So there must be something to compensate¹⁰ that from the consumption as well as the investment side"

 

　　Regarding the greater financial risks the higher deficit may bring about, analysts¹¹ say the situation is still controllable in China at the moment.

 

　　The new deficit target will bring the country's deficit-to-GDP ratio to around 2 percent, which is considered safe as long as it remains¹² below 3.

 

　　For CRI, I'm Su Yi.

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