BEIJING (Reuters) - China will meet its economic growth target of 7.5 percent this year as authorities will continue to implement prudent monetary policy and keep market liquidity relatively ample, the chief of the top economic planning agency said on Wednesday.
Xu Shaoshi, chairman of the National Development and Reform Commission, also said in a live webcast that the government will unveil an urbanisation plan in the second half of 2013 and will push ahead with housing registration and land reforms.
Xu’s comments are the latest from top officials to affirm China’s plans to transform its economy and reassure markets it is on track to meet its goals. On Tuesday the politburo, China’s top decision making body, vowed to keep growth steady while pressing on with reforms.
“We are confident, and have the necessary means and the ability to achieve this year’s economic growth target of around 7.5 percent. But we also need to make arduous efforts,” Xu said in the webcast on the central government’s website.
Top leaders have made clear they will accept a slowdown in growth as they restructure the economy away from dependence for growth on exports and manufacturing, and towards one driven by consumption and services.
However, they have indicated that annual growth should not be allowed to slip below 7 percent.
Getting rural workers to move to the cities is part of the transformation effort as the government sees it as boosting consumption, which it wants to make the main engine of growth.
“We will push forward reforms on household registration system, land, fiscal and financial areas, social security and so on while improving the quality of urbanisation,” Xu said.
Reporting by Aileen Wang, Xiaoyi Shao and Jonathan Standing; Editing by John Mair