China’s premier says 7.5 percent GDP target not low

By IANS,

Beijing : Premier Wen Jiabao said Wednesday that the 7.5 percent GDP growth target for 2012 is a result of the government’s proactive macro-control and can not be viewed as low.

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China’s GDP has reached 47 trillion yuan ($7.46 trillion). On this basis, the growth rate of 7.5 percent can not be counted as low, Wen told a press conference after the conclusion of the annual parliamentary session.

Indeed, the Chinese economy faces slowing trend due to impacts from the European debt crisis and contracting overseas demands, Xinhua quoted Wen as saying.

Under such circumstances, to lower the growth mainly aims to facilitate economic restructuring, the premier said.