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China to see 7.5% annual growth in next 5 years
(Xinhua)
Updated: 2006-03-05 15:06
Premier Wen Jiabao has proposed an annual growth rate of 7.5 percent for the
national economy during the 11th Five-Year Plan period (2006-2010).
This indicates a projected target of doubling the per capita GDP of 2000 by
the year 2010.
Wen made the proposal here Sunday while delivering a report on the work of
the government at the opening meeting of the Fourth Session of the Tenth
National People's Congress (NPC), China's top legislature.
Between 2001 and 2005, China's GDP grew at an average annual rate of 9.5
percent, 0.9 percentage points higher than the annual figure in the Ninth
Five-Year Plan period (1996-2000).
According to the latest data from the first national economic census and the
actual economic performance in 2005, the GDP growth rate during the 10th
Five-Year Plan period (2001-2005) was higher than originally projected.
If the average annual growth rate is maintained at 7.5 percent during the
11th Five-Year Plan period, the goal of doubling the 2000 per capita GDP by 2010
set in the proposal last year by the Communist Party of China Central Committee
will be surpassed, Wen said.
"This is an ambitious target, but we can attain it with hard work," the
premier said.
When making a comparison between the 11th Five-Year Plan and the previous
10th Five-Year Plan, Duan Yongji, a member of the National Committee of the
Chinese People's Political Consultative Conference (CPPCC), China's top
political advisory body, said that the economy used to be fueled by investment
with industry as the leading force, but domestic consumption and innovation are
expected to play a bigger role.
The priorities for the 2006-2010 period are quality and innovation, he said.
"Only in this way can China cure the chronic illness of slow accumulation of
wealth amid fast economic growth," Wen said.
Giving priority to quality is a "good thing," China's economy is bound to be
more healthy, he said.
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