China’s GDP to shot up by 7.5% in 2013: Premier

YEREVAN, March 6. /ARKA/. China put its fast-growing consumer class at centre-stage as outgoing Premier Wen Jiabao set out a reform plan on Tuesday to spread the fruits of economic growth more evenly in the country of 1.3 billion, Reuters reported yesterday.

Wen made consumers the cornerstone of an economic strategy designed to deliver an overall growth target of 7.5 percent in 2013 - a level China barely beat in 2012 when growth eased to its slowest pace in 13 years, expanding by 7.8 percent.

He said this year China’s budget will close at 2% deficit from GDP or 192.8 billion dollars.

Wells Fargo senior strategist Rene Scott said China’s economy growth will be incremental up to end-2014, RBC reported.

Earlier, the World Bank forecasted China will post 8.4% economic growth in 2013 as huge investment projects are due to be implemented this year.

Late January 2013, Chairman of China Investment Corp. (CIC) Lou Jiwei said China can post 8% economic growth in 2012-2013. He also noted high volatility at financial markets touched off by the European crisis, and concerns around the U.S. budget issues will make the economic rally weak and slow.  

Outgoing Premier Wen Jiabao, speaking at the opening of the annual session of parliament, also announced record government spending in 2013 that will sustain growth and maintain the ruling Communist Party's grip on power through an enhanced budget for internal security.

Beijing also announced an 8.7 percent rise in the 2013 domestic security budget to 769.1 billion yuan ($128 billion), exceeding military expenditure for the third year in succession. -0-