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China aims for 7.5 percent economic growth in 2014

China will maintain its economic growth target for 2014 at about 7.5 percent, as expected, signaling that its policy focus would be slanted in favor of reforms and rebalancing the economy.

Premier Li Keqiang, in a report to the National People's Congress at the start of its annual session on Wednesday, also said military spending will increase by 12.2 percent.

Key points:

  • 2014 growth target set at about 7.5 percent
  • China to make domestic demand main growth engine
  • 2014 CPI target set at about 3.5 pct
  • Total trade expected to increase 7.5 pct in 2014
  • 2014 Budget deficit seen at 2.1 pct of GDP
  • China to continue with exchange rate reform
  • China to extend yuan floating rate
  • Military spending to increase by 12.2 percent
[Source: Reuters, Hong Kong and Singapore, 04Mar14]

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