China eyes 8 pct GDP growth in 2010

The target of 8 per cent is the same that Beijing has set for the past several years.

China’s government will aim for economic growth of about 8 per cent next year,even as it faces a tougher time boosting domestic consumption as a driver of growth,its industry minister said on Monday.

The disclosure by Li Yizhong,Minister of Industry and Information Technology,was the first public mention of the official aim for next year’s growth.

The target of 8 per cent is the same that Beijing has set for the past several years,even at times when the economy grew by 13 per cent,so it should not be seen as binding but rather as guidance for policy-making.

Economists widely expect the world’s third-largest economy to 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 in the first three quarters from a year earlier,but has strengthened since.

“According to the economic growth target of about 8 per cent decided by the central government,we target industrial output growth at about 11 per cent,” Li Yizhong,Minister of Industry and Information Technology,said in a work conference broadcast on the ministry’s website.

Li added that he expected industrial output to grow by 11 per cent this year as well.

That would imply further strength in industrial production in December after it rose an annual 19.2 per cent in November,given that output in the first 11 months as a whole grew 10.3 per cent from a year earlier.

Story continues below this ad

Li reaffirmed the government’s aim of increasing consumption as a growth engine,but said that it would be harder to find new ways to do so following the introduction of a host of measures this year aimed at stoking demand for cars and home appliances.