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People's Daily Online>>Opinion

Foreign media focus on China's economic transformation

By Zhang Hong (People's Daily Overseas Edition)

15:23, March 09, 2012

Edited and translated by People's Daily Online

China's government work report delivered in the annual two sessions of its top legislature and advisory body has always been a focus of international attention. International media are particularly interested in the 2012 development plan of the world's second largest economy, which has maintained rapid growth despite global economic woes.

Focus more on stability

"The Chinese economy, after nearly three decades of rapid, almost uninterrupted growth, seems to be settling down to a still strong but less blistering pace," The New York Times reported after China cut its minimum growth target for 2012 to 7.5 percent.

The growth target cut has caused massive stock market falls across the world. According to a Reuters report, U.S. stocks fell on Monday for the second straight session and the third in the last four trading days, led lower by basic materials and energy shares after China trimmed its growth target for 2012. The S&P 500 index opened lower that day. "That spooked everybody this morning. It started over in Asia, flowed right to Europe, and flowed right over here," said Ken Polcari, managing director at ICAP Equities in New York. In the face of a leadership transition, the Chinese government cut its growth target to 7.5 percent from the long-standing 8 percent goal, reflecting its focus on delivering economic stability while restructuring the economy and pursuing quality growth.

Major foreign media outlets have interpreted the 7.5 percent target from different perspectives. Japan's Mainichi Shimbun noted that the Chinese government has targeted 8 percent growth since 2005, and greatly increased public expenditure to ensure targeted growth amid the 2008 financial crisis. However, massive public expenditure could become a breeding ground for corruption, and lead to neglect of issues of major public concern such as rising price pressures and a defective social security system. Dow Jones Newswires reported that it signals Beijing's intention to focus more on the quality of economic growth and livelihood issues such as environmental deterioration and income inequality, rather than on the speed of future economic expansion. Kyodo News said that China lowered its growth target partly in order to curb local governments' decades-long obsession with GDP growth.

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  1. Name

Jason W Smith Ph.D. at 2012-03-1368.97.0.*
The big capitalist owners of the USA will never tell the truth about China and its amazing progress and they will continue to try and subvert everything the Chinese Communist Party is doing. At least until the PRC leaders make it clear that the US cannot (1) launch ongoing subversion against the PRC inside the country as in Tibet and near its shores as in the South China Sea; as long as (2)the US refuses to engage in honest trade in terms of what the US will export to China; and (3) the US b bosses keep demanding that the PRC subvert its own currency to save the collapsing (already destroyed) US currency they themselves destroyed. The US bosses have the idea that they can get what they want from China while being insulting, arrogant and threatening. The CPC will have to eventually take a strong stand and slap them down.
呵呵 at 2012-03-09121.29.96.*

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