04:35 ET<\/span>
\n<\/span><\/p>\nChina’s Prime Minister Wen Jiabao says China is lowering its annual economic growth target from 8% to 7% and is determined to contain soaring prices.<\/p>\n
He was speaking in a question and answer session with internet users in what has become an annual online chat.<\/p>\n
Mr Wen said China needed to ensure that growth was sustainable. <\/p>\n
Inflation is officially running at almost 5% but food prices have surged by 10%, creating public discontent.<\/p>\n
The lowering of the growth rate is mainly symbolic – as economic growth has exceeded the 8% target every year in the last six years. <\/p>\n
Last year, growth reached 10.3%, making China the world’s fastest-expanding major economy.<\/p>\n
But along with the breakneck growth have come price rises, particularly for food and housing, which the prime minister acknowledged were affecting people’s livelihoods and even social stability.<\/p>\n
‘Quality’ growth<\/span><\/p>\nMr Wen said the growth rate change would “raise the quality and efficiency of economic growth” and conceded that one factor was the impact on the environment. <\/p>\n
“We absolutely must not any longer sacrifice the environment for the sake of rapid growth and reckless roll-outs,” said Mr Wen. “That will lead to production capacity gluts and deepening pressure on the environment and resources so that economic development will be unsustainable.”<\/p>\n
He said the purpose of economic development was “to meet the people’s growing material and cultural needs, and make the lives of commoners better and better.” <\/p>\n
Maintaining social stability was also central to the country’s foreign exchange policy, said Mr Wen, requiring a step-by-step increase in yuan flexibility so that Chinese businesses could adapt to the changes. <\/p>\n
The premier also said Beijing was determined to stamp out corruption – citing the dismissal last week of Liu Zhijun, the former railways minister, who is being investigated by the Communist Party’s corruption watchdog. <\/p>\n
Mr Wen’s online session comes ahead of the annual parliament session from 5 March.<\/p>\n
Correspondents say his comments reflect the anxiety of China’s leadership about discontent over price rises.<\/p>\n
A recent online appeal urged people to come out for low-level “strolling” protests in 13 cities across the country every Sunday afternoon. <\/p>\n<\/p><\/div>\n<\/p>\n
Originally posted here:
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