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China sets economic goals for 2013

March 4, 2013: 11:01 PM ET

China's political leaders are meeting in Beijing for the National People's Congress.

Premier Wen Jiabao opened China's annual parliamentary meetings Tuesday by issuing a new set of targets for the world's second largest economy.

The target for gross domestic product growth will remain 7.5%, but the government said it will carry a larger deficit in 2013 to help finance spending plans.

China recorded its weakest growth in 13 years in 2012, but a rebound in the fourth quarter removed any lingering concern that its economy might be heading for a hard landing. GDP grew by 7.8% in 2012, beating the government's target of 7.5%.

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%.
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