China to target 8 per cent growth for 2010

According to China's industry minister, the government would continue to aim for economic growth of about 8 per cent next year even in the face of the tough time it is experiencing boosting domestic consumption to drive growth.

It was the first public disclosure of the official position of the Chinese government for the next year's growth.

Li Yizhong, minister of industry and information technology, said in a work conference broadcast on the ministry's website this morning, given the economic growth target of about 8 per cent decided by the central government, his ministry would target industrial output growth at about 11 per cent.

He said the targeted 8 per cent was the same that Beijing had set for the past several years, even when the economy grew by 13 per cent and should therefore not be seen as binding but for the purpose of guidance for policy-making.

According to economists' projections, the world's third-largest economy would grow by close to 9 per cent next year, after finishing this year up by over 8 per cent. The economy grew 7.7 per cent over the first three quarters from a year earlier, but has gained strength since then.
According to Li, China's industrial output would grow by 11 per cent as well.

Li reaffirmed the government's aim of increasing consumption to drive the economic growth engine.