China Sets 2003 Economic Growth Rate at 7 Percent

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Last updated at: (Beijing Time) Thursday, March 06, 2003

China Sets 2003 Economic Growth Rate at 7 Percent

China's top economic planner proposed a 7 percent growth for the country's gross domestic product in 2003.

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China's top economic planner proposed a 7 percent growth for the country's gross domestic product in 2003.

Zeng Peiyan, minister in charge of the State Development Planning Commission, put forward the growth rate Thursday when delivering the planning report to the first session of the 10th National People's Congress.

He also listed other macroeconomic regulatory targets for 2003,which are as follows:

-- Over 8 million new jobs for urban residents, and registered urban unemployment rate confined to 4.5%;

-- Rise in the consumer price index of no more than 1%; and

-- Increase in the total import and export volume of 7%.

The year 2003 is important for carrying out the guiding principles set forth at the 16th National Congress of the Party and for making fresh progress in building a well-off society in an all-round way, he said.

A comprehensive analysis of the domestic and international economic environments shows that "we enjoy favorable conditions for accelerating development but also face new challenges."

Conditions might change and new problems could arise in the Chinese economy, and there are many uncertainties in the world economy as well. Only by enhancing our awareness of potential danger, preparing for adversity, adequately assessing difficulties and problems, and fully considering policy measures can China avert peril and keep the upper hand, according to the minister.

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