China premier targets 8% growth

Date: Friday 05 Mar 2010

China’s premier Wen Jiabao said the Asian economic powerhouse will achieve its long-term annual growth target of 8% this year.

However, he warned that 2010 would be ‘complicated’ for China as it continues seeking to minimise the negative effects of the global economic crisis.

China exceeded growth targets last year, seeing an 8.7% expansion as it undertook stimulus measures to offset the global downturn. These measures will continue this year although they will not be so far-reaching.

“The launching of new projects must be strictly controlled,” said Wen, who was speaking to 3,000 delegates of the National People’s Congress.

He also warned of ‘latent risks’ in the banking sector.

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