China confident in meeting economic growth target

BEIJING - China's top economic planning body expressed confidence on Wednesday in the country fulfilling the goal for national economic growth included in its 12th Five Year Plan (2011-2015).

"Given current economic trends, there will be no problem at all in China realizing 7-percent average annual economic growth at the end of the 12th Five Year period," said Xu Lin, director of the Department of Development Planning under the National Development and Reform Commission (NDRC), during the NDRC's monthly press conference.

China saw its economy maintain a 7.7-percent growth rate in 2013, the same as in 2012, with its gross domestic product totaling 56.9 trillion yuan ($9.3 trillion), data from the National Bureau of Statistics (NBS) showed.

The increase was less spectacular than the 9.2-percent advance in 2011, when the five-year plan started, but deemed as still satisfactory under the complex international environment and uncertainties regarding global recovery.

"China's economic performance stabilized in 2013 despite downward pressure both at home and abroad," an NBS official said on Monday.

NDRC spokesman Li Pumin said China will continue to implement a proactive fiscal policy and steady monetary policy in 2014.

According to a note accompanying the press conference, investment was a major driving force for the economy in 2013, contributing 50.4 percent of the economic growth, 3.3 percentage points higher than the figure for 2012.

In the meantime, private investment, propped up by favorable policies, boomed on the fast track, surging 23.1 percent year on year.

At the press conference, the NDRC said China will continue to make good use of investment for economic advance and keep it to a rational scale with optimized structure.

It said central investment in 2014 will focus on areas that are less attractive to private capital, such as subsidized housing, rural construction, major infrastructure projects, social warfare and innovation.

In addition, more specific guidelines for private capital will be drafted and investment projects in finance, oil and gas, electric power, railways, telecom, resources and public services can be expected.