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Premier Wen lowers China's GDP growth to 7.5% for 2012

Mar. 5, 2012 (China Knowledge) - China's gross domestic product growth is expected to reach 7.5% this year after eight straight years of keeping the GDP growth target at 8%, said Premier Wen Jiabao at today’s National People's Congress.

Last year, the country's GDP grew by 9.2%.

Wen noted the Chinese government aims to contain consumer price inflation around 4% in 2012. In 2011, the country's consumer price index rose 5.4%, more than the official target of 4%.

China will strengthen supervision of local government debt and further investigate and regulate financing companies run by local governments, Wen added.  

The most populous nation expects to have a fiscal deficit of RMB 800 billion, or about 1.5% of its GDP, this year, up from 1.1% of GDP that was delivered last year.

M2, China's broadest measure of money supply, is estimated to increase 14% this year, sources reported.

Premier Wen has also set a 7% target for average annual growth in China's five-year plan starting from 2011 to 2015.

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