China Lowers GDP Growth Expectations

By Douglas A. McIntyre Updated Dec 27, 9:25AM EST · Published Mar 5, 7:00AM EST

China has set the goal for its economic growth very low compared to what it has been in the past decade — only 7.5% improvement in gross domestic product. The central government of the People’s Republic also stated it wants to drive consumer spending. For years this has been at the core of U.S. GDP expansion.

Among addition efforts, CNN Money reports:

Here are the government’s stated goals for 2013:

Gross domestic product growth of 7.5%.

Consumer Price Index (CPI) target of 3.5%.

A projected deficit of 1.2 trillion yuan ($190.48 billion), 400 billion more than last year and a total of 2% of GDP.

Add more than 9 million urban jobs.

Keep the registered urban unemployment rate at or below 4.6%.

The government will work to ensure that real per capita income for urban and rural residents increases in step with economic growth.

China will continue to implement a proactive fiscal policy. The government will give priority to education, medical and health care and social security.

China will continue to implement a prudent monetary policy. The target for growth of the broad money supply (M2) is about 13%.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.