7.5% GDP growth 'in reach'

By CHEN JIA and ZHENG YANGPENG (China Daily)

09:50, August 01, 2013

Faced with an economic slowdown, the central government will implement measures to boost consumer spending and push forward the urbanization drive, a top economic official said on Wednesday.(AN XIN / FOR CHINA DAILY)

Fine-tuning will consider varying needs of areas, sectors, NDRC official promises

China's top economic planner expressed confidence in achieving the 7.5 percent gross domestic product growth target this year through hard work after the government decided to adopt further measures to stabilize market expectations and release enterprises' vitality.

National Development and Reform Commission Minister Xu Shaoshi showed his determination on Wednesday in an interview with Xinhuanet.com, one day after President Xi Jinping vowed to guarantee the year's target by further clarifying the government's policy stance for the second half of the year and confirming the direction of ongoing structural reforms.

Xu stressed the need to maintain "moderately abundant" monetary liquidity and efficiently make use of credit and fiscal capital to support the industrial economy.

"Policy fine-tuning will be likely at the right time," he said.

"Diversified adjustments that take into consideration the different situations of regions, industries and enterprises will be taken in the second half" to strengthen enterprises' confidence by maintaining growth within a reasonable range and preventing risks, Xu said.

For the next step of reform, the minister also pledged the nation would launch demonstration projects for private funds to invest in infrastructure construction and public services, as well as eliminate unreasonable fees in banking services.

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