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China can fulfill year's growth target: Premier

(Xinhua)

08:29, August 16, 2012

Chinese Premier Wen Jiabao (3rd L, front) visits the factory of Hisense-Whirlpool (Zhengjiang) Electric Appliances Co., Ltd in Huzhou, east China's Zhejiang Province, Aug. 14, 2012. Wen made an inspection tour in Zhejiang on Tuesday and Wednesday. (Xinhua/Li Tao)

HANGZHOU, Aug. 15 (Xinhua) -- Premier Wen Jiabao has said China is capable of meeting its economic and social development goals for the year despite domestic and external challenges.

During an inspection tour of eastern China's Zhejiang Province on Tuesday and Wednesday, Wen pointed to positive changes in some sectors, and the emergence of favorable conditions to maintain steady and relatively fast growth.

"We have the conditions and capabilities, and will be sure to fulfil this year's economic and social development targets," he said.

The economy's fundamentals remain sound, the premier said, but he warned that the foundation for economic stabilization is still unstable, and that economic hardships may continue for some time.

The government pared its gross domestic product (GDP) growth target for 2012 to 7.5 percent from the previous 8 percent in March in the wake of a persistent slump in the United States and spreading debt woes in the eurozone.

Dragged down by a lackluster external market and government efforts to cool inflation, the country's GDP growth hit a three-year low of 7.6 percent in the second quarter of 2012.

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