China Plans For Slower, Consumer-Driven Growth

By: Associated Press Email
By: Associated Press Email

BEIJING (AP) - China's premier has promised to boost consumer spending and reduce reliance on trade but gave no sign in an annual economic report of what Beijing will do about big state companies that reformers warn could handicap future growth.

Wen Jiabao announced a 7.5 percent growth target in an address Tuesday to China's ceremonial legislature. That is far below the double-digit rates of the past decade but in line with Communist Party plans to rebalance the world's second-largest economy.

Wen steps down next week after 10 years as China's top economic official but the goals are part of a long-range plan incoming Chinese leaders are expected to adhere to.

Wen promised to "change the growth model" and enhance the Chinese public's ability to consume.

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